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Miami Office Figures - Q2 2023
July 17, 2023 5 Minute Read
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- Net absorption for Q2 2023 totaled over 22,000 sq. ft., with the majority occurring in Coconut Grove, Wynwood, and Brickellparticularly in Class A space as tenants continue the flight-to-quality trend. To that point, product in these three submarkets have accounted for 30%of all Class A absorption in YTD 2023.
- Class A availability across Miami fell 80 bps to 20.6% y-o-y with the largest decreases coming from Wynwood decreasing 3,700 bps y-o-y to 25.1% and Downtown Miami falling 2,500 bps y-o-y to 21.9%. For Downtown Miami this is a level not seen since 2016 which is impressive considering there was over 1 million sq. ft less of Class A inventory at that time.