Miami-Dade Office Market Report
Largest Delivery Volume in a Decade Could Hinder Miami Recovery, But the CBD Is Progressing
Leasing improves, though uneven conditions persist. The darkest days for Miami’s office sector have seemingly passed. Three straight quarters of positive absorption provided stability after more than 2.1 million square feet was relinquished between April and September 2020. Nevertheless, more than 15 percent of the metro’s inventory was vacant as of the second quarter this year, a level not seen since 2013. Conditions vary widely across submarkets, with some facing longer recovery timelines as others advance faster. The largest submarket, Miami Airport, had a first half vacancy jump that exceeded 300 basis points. On the other hand, availability fell 40 basis points during that span in the Central Business District as the vaccine rollout persuaded more firms to lease office space downtown.