Miami Office Market Experiencing 18 Consecutive Quarters of Positive Absorption

Miami Office Market Experiencing 18 Consecutive Quarters of Positive Absorption

In the broadest sense of the expression Miami is a keen strategic location thus an increasing number of corporations, banks and financial institutions continue to move to our city. When Panalpina, the giant Swiss freight and Logistics Company, was looking for a place two years ago to locate its Americas regional office — covering the United States, Canada, Latin America and the Caribbean — it chose Miami because of its location that facilitates and maximizes Panalpina’s operations. That same rationale is behind many more companies that are relocating in Miami and by doing so are fueling our local office market.

Leading indicators for Miami-Dade County’s office sector point to strong gains that could support new construction. According to the Daily Business Review, a report from Newmark Grubb Knight Frank shows that the sector has achieved its highest occupancy in five years. The report noted that the area’s office market has experienced positive net absorption for 18 consecutive quarters, an occupancy rate of nearly 85 percent. Rents have also increased enough to support new construction. “Usually in the past, new construction compressed pricing a little bit because we had new supply. But I don’t think we’ll see that this cycle,” said Patrick Duffy, a vice chairman in Newmark Grubb Knight Frank’s Miami office. There are just three new office projects are in the pipeline for Miami-Dade * Daily Business Review

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