Meanwhile, the average office rental rate has risen from $22.36per sf to $22.97 per sf.
This year's total absorption through September was 775,603 sf,the bulk of it in the Airport/West Dade area. Even though itrepresents only 21.6% of the county's office inventory and 30% ofits available vacant footage, Airport/West Dade accounted for 47%of Miami-Dade's total office absorption during this year'sJanuary-September period.
Nevertheless, this submarket still had 783,077 sf of officevacancies at the close of the third quarter, for an 11.9% vacancyrate. The county's tightest submarkets were Coconut Grove andBrickell with vacancy rates of 1.2% and 3.3%, respectively.
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