The Miami-Dade County office market is comprised of 43.2 millionsf, with another 1.9 million sf under construction. The 10.7%vacancy rate is 1.2% greater than this time last year. Rental ratesare averaging $29.65 per sf full service for class A; $20.26 per sffor class B; and $17.97 per sf for class C. The lowest averagerental rate for class A space in the three-county area is MiamiLakes at $19.15 per sf.

Codina concludes the Miami-Dade County office market willcontinue to prosper at a slow but steady pace. Sublease space,currently pushing 677,000 sf, also will continue to rise.

North of Miami-Dade, much of Broward County's office market is"growing by leaps and bounds," according to Codina. With aninventory of 24.3 million sf–just over half of Miami-Dade's–Browardhas 1.4 million sf under construction, with upward of 875,000 sfproposed. In the Miramar area, a 24,000-sf facility and 96,394-sfoffice building were fully leased upon completion.