MIAMI—Promising. That’s the word Marcus & Millichap is using to describe Miami’s office outlook in its third quarter market report. Pointing to steady job growth that’s generating new office space demand while new office development slows, the firm expects positive net absorption to reduce office vacancy rates and drive up rents.

That said, Miami’s office market is still not back on par with its pre-recession low in vacancy or peak rents. According to M&M, developers will bring online 260,000 square feet of office space in 2014. That total includes 30,000 square feet in two medical office properties. By way of comparison, only 172,000 square feet was delivered in 2013.

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