Q3 2018 Miami Office Market Report
Date Published: 10/22/2018
The office market remains strong and favorable for landlords in the third quarter of 2018. Vacancy rates have increased by a mere 20 basis points since the beginning of 2018 and currently stand at 9.1 percent. Leasing activity has remained stable across the county with 845,908 square feet leased in the third quarter. As we enter the fourth quarter of 2018, Miami- Dade County will see an increasing amount of sublease space available as tenants quickly expand. Demand for office space in Miami-Dade was displayed by the positive 105,802 square feet absorbed this quarter. Year-to-date absorption figures have taken an upward turn totaling 360,793 square feet. We can expect to close out 2018 totaling positive net absorption for office space in Miami-Dade County.