Q1 2019 Miami Office Market Report
Date Published: 04/23/2019
Miami-Dade’s office market boasted healthy fundamentals in the first quarter of 2019 with decreasing vacancy rates, accelerating rental rates, and a record-setting amount of space under construction. The vacancy rate decreased by 10 basis points and currently stands at 9.5 percent. The demand for new office supply has been displayed as 2.7 million square feet remains under construction. Major office developments currently under construction include 830 Brickell Plaza (552,301 square feet), 545wyn (325,000 square feet) and The Plaza Coral Gables (291,267 square feet). A northeast migration has taken place as people relocate to South Florida for work-related reasons as well as to avoid residing in high-tax states.