Figures
Miami Office Figures - Q1 2024
April 9, 2024 5 Minute Read
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- Tenants continue to take occupancy of space leased during the height of the market, further limiting Class A space. Absorption is expected to continue to rise when 830 Brickell delivers later this year.
- Class A availability across Miami decreased 160 bps y-o-y to 19.7%. Wynwood’s total vacancy fell 1,400 bps y-o-y to 25.0%; a record low for the submarket; but demand has significantly slowed.
- Rent growth in Miami-Dade to begin 2024 saw an uptick of 250 bps quarter-over-quarter and on a year-over-year basis a 570 bps rise to $54.12/sq. ft.