Still, the survey published by Miami-based Codina Real Estate Services Inc. shows noticeable increases in office vacancy rates through the first six months of this year in Broward, Miami-Dade and Palm Beach counties.

"There is an overall thread that runs through the three counties," John B. Geisen, president of Codina Real Estate Services a division of Miami-based Codina Group Inc., tells GlobeSt.com. "There is a continued softening in the South Florida market. But I don't sense distress. Sales activity, for instance, is simply not bringing quite the same cap rate or return that investors or developers would like to see. There is no sign of distress, forced sales."

With the exception of Miami-Dade, vacancy rates could be described as increasing significantly. Office vacancies in Miami-Dade averaged about 9.4% through mid-year, up from 9.2% over the same period last year.