In the fourth quarter of 2018, Miami-Dade County’s office market began to slow. The vacancy rate currently stands at 9.7 percent, an increase of 70 basis points quarter-over-quarter. A total of 375,235 square feet of office space was delivered in Miami-Dade in the fourth quarter while negative 388,791 square feet of office space was absorbed. A total of 206,222 square feet of office space was absorbed in 2018. Leasing activity in Miami’s office market slowed in 2018 as a total of 3.9 million square feet was leased as opposed to 5.8 million square feet in 2017.