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Miami Office Figures - Q3 2023

October 10, 2023 5 Minute Read

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  • Net absorption for Q3 2023 totaled over 43,000 sq. ft., with the majority occurring in Brickell and Airport/Doral. With a particular emphasis on Class A space as tenants continue the flight-to-quality trend. These two submarkets submarkets accounted for 46% of all absorption in Q3 2023.
  • Class A availability across Miami slightly decreased 20 bps to 20.8% y-o-y with the largest changes coming from Coconut Grove, decreasing 770 bps y-o-y to 8.0% and Downtown Miami falling 1,730 bps y-o-y to 21.7%. 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.