Figures
Miami Office Figures - Q3 2024
October 8, 2024 5 Minute Read
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- Quarterly absorption has exceeded 100K for the second time this year; largely a result of new deliveries. This trend should continue as many tenants take occupancy of space leased during the height of the market.
- In 2024 over 850,000 sq. ft. of Class A product has delivered in Brickell (664K), Downtown Miami (127K), and Miami Beach (60K).
- Class A availability across Miami decreased 80 bps y-o-y to 20.1%. Class A Downtown Miami’s total vacancy fell almost 600 bps y-o-y to 14.0%; a record low for the submarket and 300 bps lower than the previous record set a decade ago. Rent growth in Miami-Dade saw an uptick of 120 bps quarter-over-quarter and on a year-over-year basis a 500 bps rise to $55.55/sq. ft.