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Miami-Dade office vacancy falls as asking rents rise

Office availability in Miami-Dade dropped to 14.6 percent, while average asking rents climbed to $68.50 per square foot, up 8.4 percent year over year.

Reported · Written up by our desk · Commercial

Miami-Dade County’s office market remains strong, with vacancy tightening and rents moving higher, according to a Savills report cited by Commercial Observer.

Office availability fell to 14.6 percent, a decline of 1.2 percentage points over the past year. At the same time, asking rents rose to an average of $68.50 per square foot per year, up 8.4 percent year over year.

The activity was concentrated in Miami’s Airport West and Brickell submarkets, with Airport West accounting for 28 percent of activity and Brickell representing 25.2 percent.

Commercial Observer also noted that the market’s post-pandemic split has pushed rents higher in high-demand areas such as Coconut Grove and Brickell, where asking rents average above $90 per square foot, and that some office tenants have relocated to suburban space where rents are cheaper.

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