South Florida Office Markets Show Signs of Slower Growth

The gross average asking rent in the greater Miami office market rose from $37.65-per-square-foot in the first quarter of this year to $38.23-per-square-foot at the half-year mark.

MIAMI—The office market in South Florida in the second quarter was a mixed bag for most major markets, with negative absorption and lower leasing volume, according to research reports released by brokerage firm JLL.

The Miami office market in the second quarter continued to show signs of leveling off, JLL reports. The market year-to-date has registered 153,698 square feet of negative office space absorption and a total vacancy rate of 14.2%. Oliver Maene, research analyst for JLL, noted in the brokerage firm’s first quarter 2018 market report that the overall Miami market posted 40,355 square feet in positive office space absorption during the first three months of this year and an overall vacancy rate of 13.5%.