Positive Interest in Miami-Dade County’s Office Market Leads to Increasing Rental Rates
The office market in Miami-Dade County has remained steady as rental rates continue to increase, and vacancy rates have stabilized. Overall confidence in the market has grown as a result of some of the tax code changes. The vacancy rate currently sits at 9.1 percent, a slight increase of 10 basis points year-over-year. Throughout 2017 and entering 2018, the vacancy rate in Miami-Dade County’s office market has hovered around 9 percent. Net absorption in the first quarter of 2018 reached a negative 41,254 square feet as the office market has a slow but steady start to the new year. Full Service rental rates have kept their tenacity through the first quarter of 2018 currently averaging $35.28, a 4.2 increase in rates year-over-year. Class A rates have also continued increasing, averaging $42.21 per square foot, a 2.4 percent increase year-over-year.