{"id":2011,"date":"2022-10-28T08:04:29","date_gmt":"2022-10-28T07:04:29","guid":{"rendered":"https:\/\/offices.net\/news\/?p=2011"},"modified":"2024-06-11T09:47:16","modified_gmt":"2024-06-11T08:47:16","slug":"miami-office-report-q2-q3-2022","status":"publish","type":"post","link":"https:\/\/offices.net\/news\/miami-office-report-q2-q3-2022\/","title":{"rendered":"Miami Office Market Report | Q2-Q3 2022"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2019 size-full\" src=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiofficemarketheader-Offices.net_.jpg\" alt=\"miami office market report q2 to q3 2022 a daytime though slightly cloudy view of the miami waterfront and cbd image at offices.net\" width=\"640\" height=\"430\" srcset=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiofficemarketheader-Offices.net_.jpg 640w, https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiofficemarketheader-Offices.net_-300x202.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Even though Florida&#8217;s office sector held strong during the pandemic, some investors are now feeling cautious as a result of geopolitical tensions, inflation, reduced spending, and rising interest rates. Despite the cooling sentiment, vacancy rates for commercial spaces are continuing to decrease across the State, especially in the office market. Fuelling Florida&#8217;s continued market positive is an overall increase in jobs, combined with low unemployment rates and generally favorable business conditions.<\/span><\/p>\n<div id=\"toc_container\" class=\"no_bullets\"><p class=\"toc_title\">Contents<\/p><ul class=\"toc_list\"><li><a href=\"#Market_Highlights\"><span class=\"toc_number toc_depth_1\">1<\/span> Market Highlights<\/a><ul><li><a href=\"#Hybrid_Gaining_More_of_a_Foothold\"><span class=\"toc_number toc_depth_2\">1.1<\/span> Hybrid Gaining More of a Foothold<\/a><\/li><li><a href=\"#Setting_a_Healthy_Example_Amongst_Other_Major_Markets\"><span class=\"toc_number toc_depth_2\">1.2<\/span> Setting a Healthy Example Amongst Other Major Markets<\/a><\/li><\/ul><\/li><li><a href=\"#Miami_Office_Market_Data_Q2_8211_Q3_2022\"><span class=\"toc_number toc_depth_1\">2<\/span> Miami Office Market Data Q2 &#8211; Q3, 2022<\/a><ul><li><a href=\"#Q2_2022_Key_Takeaways\"><span class=\"toc_number toc_depth_2\">2.1<\/span> Q2 2022 \u2013 Key Takeaways<\/a><\/li><li><a href=\"#Q3_2022_Key_Takeaways\"><span class=\"toc_number toc_depth_2\">2.2<\/span> Q3 2022 \u2013 Key Takeaways<\/a><\/li><\/ul><\/li><li><a href=\"#Class_A_vs_Class_B_Office_Space_in_Miami\"><span class=\"toc_number toc_depth_1\">3<\/span> Class A vs. Class B Office Space in Miami<\/a><ul><li><a href=\"#Q2\"><span class=\"toc_number toc_depth_2\">3.1<\/span> Q2<\/a><ul><li><a href=\"#Class_A\"><span class=\"toc_number toc_depth_3\">3.1.1<\/span> Class A<\/a><\/li><li><a href=\"#Class_B\"><span class=\"toc_number toc_depth_3\">3.1.2<\/span> Class B<\/a><\/li><\/ul><\/li><li><a href=\"#Q3\"><span class=\"toc_number toc_depth_2\">3.2<\/span> Q3<\/a><ul><li><a href=\"#Class_A-2\"><span class=\"toc_number toc_depth_3\">3.2.1<\/span> Class A<\/a><\/li><li><a href=\"#Class_B-2\"><span class=\"toc_number toc_depth_3\">3.2.2<\/span> Class B<\/a><\/li><\/ul><\/li><\/ul><\/li><li><a href=\"#Business_in_Miami\"><span class=\"toc_number toc_depth_1\">4<\/span> Business in Miami<\/a><\/li><li><a href=\"#Demand_for_Office_Space\"><span class=\"toc_number toc_depth_1\">5<\/span> Demand for Office Space<\/a><\/li><li><a href=\"#Construction\"><span class=\"toc_number toc_depth_1\">6<\/span> Construction<\/a><\/li><li><a href=\"#Average_Rents\"><span class=\"toc_number toc_depth_1\">7<\/span> Average Rents<\/a><\/li><li><a href=\"#Vacancy_Rates\"><span class=\"toc_number toc_depth_1\">8<\/span> Vacancy Rates<\/a><\/li><li><a href=\"#Investment_Sales\"><span class=\"toc_number toc_depth_1\">9<\/span> Investment Sales<\/a><\/li><li><a href=\"#Flexible_Office_Space\"><span class=\"toc_number toc_depth_1\">10<\/span> Flexible Office Space<\/a><\/li><li><a href=\"#What_about_the_Wider_Miami_Commercial_Real_Estate_Market\"><span class=\"toc_number toc_depth_1\">11<\/span> What about the Wider Miami Commercial Real Estate Market?<\/a><ul><li><a href=\"#Industrial_Space\"><span class=\"toc_number toc_depth_2\">11.1<\/span> Industrial Space<\/a><\/li><li><a href=\"#Demand_for_Industrial_Space\"><span class=\"toc_number toc_depth_2\">11.2<\/span> Demand for Industrial Space<\/a><\/li><li><a href=\"#Price_per_Square_Foot_8211_Industrial_Space\"><span class=\"toc_number toc_depth_2\">11.3<\/span> Price per Square Foot &#8211; Industrial Space<\/a><\/li><li><a href=\"#Retail_Space\"><span class=\"toc_number toc_depth_2\">11.4<\/span> Retail Space<\/a><\/li><\/ul><\/li><li><a href=\"#Influence_of_Employment_Figures_on_Miamis_CRE_Market\"><span class=\"toc_number toc_depth_1\">12<\/span> Influence of Employment Figures on Miami\u2019s CRE Market<\/a><\/li><li><a href=\"#Outlook_for_the_Miami_Office_Market\"><span class=\"toc_number toc_depth_1\">13<\/span> Outlook for the Miami Office Market<\/a><\/li><li><a href=\"#Further_Insights\"><span class=\"toc_number toc_depth_1\">14<\/span> Further Insights<\/a><\/li><\/ul><\/div>\n<h2><span id=\"Market_Highlights\"><b>Market Highlights<\/b><\/span><\/h2>\n<p><b>Asking rates in Miami Beach<\/b><span style=\"font-weight: 400;\"> have increased significantly, with some offices costing more than $120 sq\/ft. On average, however, actual rental prices for this premium market are much lower, at roughly $70 sq\/ft.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the <\/span><b>vacancy rate for Miami Beach is relatively low at 12.7%<\/b><span style=\"font-weight: 400;\">, just behind <\/span><a href=\"https:\/\/offices.net\/fl\/brickell\/\"><b>Brickell<\/b><\/a><span style=\"font-weight: 400;\"> and<\/span><a href=\"https:\/\/offices.net\/fl\/wynwood\/\"><b> Wynwood<\/b><\/a><span style=\"font-weight: 400;\">. Consequently, there has been a recent uptick in development activity driven by those looking to take advantage of the favorable conditions. Some notable projects include <\/span><b>1177 Kane Concourse<\/b><span style=\"font-weight: 400;\"> (101,000 sq\/ft) and <\/span><b>Terminal Island Office Project<\/b><span style=\"font-weight: 400;\"> (161,000 sq\/ft), slated for delivery in 2024.<\/span><\/p>\n<p><!--more--><\/p>\n<p><span style=\"font-weight: 400;\">Already fully leased, the premium 830 Brickell development is expected to be completed by the end of 2022. The last few leases were signed at $120-$150 sq\/ft, highlighting the value that tenants place on amenity-rich, Grade A+ office space in the center of Brickell.<\/span><\/p>\n<h3><span id=\"Hybrid_Gaining_More_of_a_Foothold\"><em>Hybrid Gaining More of a Foothold<\/em><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It&#8217;s also clear to see that companies in Miami are now more open to the idea of hybrid working models, something which has risen in prominence ever since the COVID-19 pandemic. Office providers are racing to meet demand for hybrid-conducive workspaces. Highlighting this, The Industrious is planning to open a 27,000 sq\/ft coworking space in Downtown West Palm Beach, adding to their existing location in Brickell. This is just one example of the numerous office spaces across the city looking to cater to hybrid workforces and take advantage of growing desire for agile, flexible workspace.<\/span><\/p>\n<h3><span id=\"Setting_a_Healthy_Example_Amongst_Other_Major_Markets\"><em>Setting a Healthy Example Amongst Other Major Markets<\/em><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Miami&#8217;s office market is experiencing continuous growth, with new and existing businesses taking advantage of the low taxes, enviable weather, and quality office spaces that the area provides. Quarter-to-quarter demand has been high across the Miami CBD, an area which has seen some of the lowest vacancy rates in the country since 2021. Wynwood saw a 5.2% decline in vacancy from Q2 to Q3, with this trend expected to continue in the months ahead as major tenants, such as PwC and Mindspace, begin to occupy their offices.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2018 size-full\" src=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiofficemarketdata-Offices.net_.jpg\" alt=\"two businessmen confer at a desk going over the miami office market report q2 to q3 2022 image at offices.net\" width=\"640\" height=\"427\" srcset=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiofficemarketdata-Offices.net_.jpg 640w, https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiofficemarketdata-Offices.net_-300x200.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<h2><span id=\"Miami_Office_Market_Data_Q2_8211_Q3_2022\"><b>Miami Office Market Data Q2 &#8211; Q3, 2022<\/b><\/span><\/h2>\n<h3><span id=\"Q2_2022_Key_Takeaways\"><em>Q2 2022 \u2013 Key Takeaways<\/em><\/span><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\">Inventory \u2013 42.25 million sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">15.23M sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">27.01M sq\/ft suburban)<\/span><\/em><\/li>\n<li><a href=\"https:\/\/www.cbre.com\/insights\/figures\/miami-office-figures-q2-2022\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Overall vacancy<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 16.9%<em> (<\/em><\/span><em><span style=\"font-weight: 400;\">16.6% city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">17% suburban)<\/span><\/em><\/li>\n<li><span style=\"font-weight: 400;\">Net absorption \u2013 90,400 sq\/ft<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Average asking rents \u2013 $47.32 per sq\/ft (full service\/lease rate)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Under construction \u2013 1.3 million sq\/ft<\/span><\/li>\n<\/ul>\n<h3><span id=\"Q3_2022_Key_Takeaways\"><em>Q3 2022 \u2013 Key Takeaways<\/em><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Inventory \u2013 42.25 million sq\/ft\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.us.jll.com\/en\/trends-and-insights\/research\/office-market-statistics-trends\/miami\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Overall vacancy<\/span><\/a><span style=\"font-weight: 400;\"> (Class A and B) \u2013 16.2%\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Net absorption \u2013 -64,474 sq\/ft<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Average asking rents \u2013 $51.31 per sq\/ft<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Under construction \u2013 1.41 million sq\/ft<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">YTD completions \u2013 212,254 sq\/ft<\/span><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2021 size-full\" src=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/classavsclassbmiami-Offices.net_.jpg\" alt=\"three colleagues gather at a communal central desk in a large office with two discussing the miami office market report q2 to q3 2022 and the other on her laptop image at offices.net\" width=\"640\" height=\"427\" srcset=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/classavsclassbmiami-Offices.net_.jpg 640w, https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/classavsclassbmiami-Offices.net_-300x200.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<h2><span id=\"Class_A_vs_Class_B_Office_Space_in_Miami\"><b>Class A vs. Class B Office Space in Miami<\/b><\/span><\/h2>\n<h3><span id=\"Q2\"><em>Q2<\/em><\/span><\/h3>\n<h4><span id=\"Class_A\"><b>Class A<\/b><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Inventory \u2013 21.93 million sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">8.96M sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">12.98M sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.cbre.com\/insights\/figures\/miami-office-figures-q2-2022\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Total vacancy<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 17.5% <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">16.2% city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">18.4% suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Net absorption \u2013 208,000 sq\/ft<em> (<\/em><\/span><em><span style=\"font-weight: 400;\">36,400 sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">171,500 sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Under construction \u2013 1.303 million sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">829,300 sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">473,200 sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Average asking rents \u2013 $58.39 per sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">$66.88 city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">$50.68 suburban)<\/span><\/em><\/li>\n<\/ul>\n<h4><span id=\"Class_B\"><b>Class B<\/b><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Inventory \u2013\u00a0 17.67 million sq\/ft<em> (<\/em><\/span><em><span style=\"font-weight: 400;\">3.63M sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">14.04M sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.cbre.com\/insights\/figures\/miami-office-figures-q2-2022\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Total vacancy<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 16.9% <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">20.9% city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">15.8% suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Net absorption \u2013 -124,700 sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">36,300 sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">-161,100 sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Under construction \u2013 Nil<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Average asking rents \u2013 $37.09 per sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">$44.05 city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">$35.34 suburban)<\/span><\/em><\/li>\n<\/ul>\n<h3><span id=\"Q3\"><em>Q3<\/em><\/span><\/h3>\n<h4><span id=\"Class_A-2\"><b>Class A<\/b><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Inventory \u2013 25.66 million sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">10.51M sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">15.15M sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.us.jll.com\/en\/trends-and-insights\/research\/office-market-statistics-trends\/miami\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Total vacancy<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 18.5% <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">18% city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">18.9% suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Net absorption \u2013 59,453 sq\/ft<em> (<\/em><\/span><em><span style=\"font-weight: 400;\">33,210 sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">26,243 sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">YTD net absorption \u2013 831,227 sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">358,580 sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">472,647 sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Under construction \u2013 1.24 million sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">1.02 million sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">218,954 sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Average asking rents \u2013 $59.07 per sq\/ft<em> (<\/em><\/span><em><span style=\"font-weight: 400;\">$72.45 city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">$47.84 suburban)<\/span><\/em><\/li>\n<\/ul>\n<h4><span id=\"Class_B-2\"><b>Class B<\/b><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Inventory \u2013 20.66 million sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">6.14M sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">14.52M sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/www.us.jll.com\/en\/trends-and-insights\/research\/office-market-statistics-trends\/miami\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Total vacancy<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 13.4% <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">14.4% city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">13% suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Net absorption \u2013 -123,927 sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">21,332 sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">-145,259 sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">YTD net absorption \u2013 -244,090 sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">114,327 sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">-358,417 sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Under construction \u2013 168,000 sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">137,000 sq\/ft city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">31,000 sq\/ft suburban)<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Average asking rents \u2013 $37.41 per sq\/ft <em>(<\/em><\/span><em><span style=\"font-weight: 400;\">$41.15 city &amp;\u00a0<\/span><span style=\"font-weight: 400;\">$35.94 suburban)<\/span><\/em><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2017 size-full\" src=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/businessinmiami-Offices.net_.jpg\" alt=\"a close up of the word 'miami' in graffiti in colors and style reminiscent of 1980s fashion image at offices.net\" width=\"640\" height=\"360\" srcset=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/businessinmiami-Offices.net_.jpg 640w, https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/businessinmiami-Offices.net_-300x169.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<h2><span id=\"Business_in_Miami\"><b>Business in Miami<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">With a population of over six million people, South Florida is the largest metro area in the Southeast and one of the fastest growing regions in the United States. Acting as a global gateway to the Americas, South Florida is thriving in industries such as trade, tourism, finance, entertainment, and art.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">More than 1,400 multinational corporations are headquartered in South Florida, including American Airlines, American Express, Citrix Systems, Oracle, and Carnival Corporation,<\/span><b> all of which are lured by the diverse and burgeoning talent pool<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The economy in Miami has<\/span><a href=\"https:\/\/www.colliers.com\/en\/united-states\/cities\/miami\" rel=\"nofollow\"> <span style=\"font-weight: 400;\">generally favorable conditions<\/span><\/a><span style=\"font-weight: 400;\"> for business enterprise, and it is growing, attracting companies from all over the world to expand or relocate their operations to the South Florida area.<\/span><\/p>\n<h2><span id=\"Demand_for_Office_Space\"><b>Demand for Office Space<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Q2 lease activity in Miami declined from Q1, however, was still up 16.5% from the 667,000 sq\/ft leased during the second-quarter of last year. Some 1.8 million sq\/ft were leased during the first half of 2022, with 64% of this space found in <a href=\"https:\/\/offices.net\/news\/the-differences-between-class-a-b-c-office-space-in-the-usa\/\">Class A<\/a> office buildings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The continued<\/span><b> flight-to-quality over affordability<\/b><span style=\"font-weight: 400;\"> has driven companies to choose well-located options with high amenity factors. The Brickell Avenue submarket of the Miami CBD<\/span><a href=\"https:\/\/www.cushmanwakefield.com\/en\/united-states\/insights\/us-marketbeats\/miami-marketbeats\" rel=\"nofollow\"> <span style=\"font-weight: 400;\">recently surpassed<\/span><\/a><span style=\"font-weight: 400;\"> the Airport West submarket in leasing activity due to strong pre-leasing of the nearly completed 830 Brickell project. Net absorption has remained positive at a moderate level, however, this is expected to increase by 2024 as more newly built projects are delivered.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From a bird&#8217;s eye view, investors observed new market demand and timed their transactions to close before interest rates increased. In this way, they gained office space totaling $804 million sold \u2013 a 200% increase from Q1. The biggest deals happened in the central business district, with 1221 Brickell and Miami Tower accounting for 56% of all sales this past quarter. <\/span><b>This highlights that investing in the CBD is wise right now.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Q3 saw net absorption lower across <a href=\"https:\/\/offices.net\/fl\/miami\/\">Miami<\/a>, with notable losses seen in the Kendall and Miami Airport areas. The majority of these losses were seen in Class B office space, with Class A office space seeing a positive net absorption of close to 60,000 sq\/ft. When it comes to the notable central locations, Q3 saw positive net absorption across the board for the CBD, Downtown Miami, and Wynwood areas, juxtaposed to a loss of 36,900 sq\/ft in Brickell.<\/span><\/p>\n<h2><span id=\"Construction\"><b>Construction<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Following a recent rise in corporate relocations to the Miami area, <\/span><b>developers remain confident<\/b><span style=\"font-weight: 400;\"> about the future of the office market.<\/span><a href=\"https:\/\/www.avisonyoung.us\/web\/miami\/office-market-report\" rel=\"nofollow\"> <span style=\"font-weight: 400;\">Currently<\/span><\/a><span style=\"font-weight: 400;\">, 1.5 million sq\/ft are underway in thriving areas such as Brickell, Wynwood, and <a href=\"https:\/\/offices.net\/fl\/coral-gables\/\">Coral Gables<\/a>. In Q2, Citadel \u2013 a major global hedge fund \u2013 announced its plans to move headquarters here and build an office tower on Brickell Bay.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of the 1.5 million sq\/ft under construction, less than 200,000 sq\/ft is considered Class B office space, further highlighting the prevalence of high-quality workspace.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2016 size-full\" src=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiofficemarketaveragerents-Offices.net_.jpg\" alt=\"a wide angle daytime view of the miami city skyline from across the water image at offices.net\" width=\"640\" height=\"360\" srcset=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiofficemarketaveragerents-Offices.net_.jpg 640w, https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiofficemarketaveragerents-Offices.net_-300x169.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<h2><span id=\"Average_Rents\"><b>Average Rents<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">On the whole, <\/span><b>average asking rents in Miami<\/b><span style=\"font-weight: 400;\"> have been<\/span><a href=\"https:\/\/www.cushmanwakefield.com\/en\/united-states\/insights\/us-marketbeats\/miami-marketbeats\" rel=\"nofollow\"> <span style=\"font-weight: 400;\">steadily increasing year-over-year<\/span><\/a><span style=\"font-weight: 400;\">, and Q2 was no exception. <\/span><b>Class A asking rents in the CBD<\/b><span style=\"font-weight: 400;\"> increased by 8.7% YOY to $60 per sq\/ft, compared to $48.93 per sq\/ft a year ago. Premium space demand was pivotal in pushing rents for the market as a whole, up 7.9% YOY. <\/span><b>This Class A price boom<\/b><span style=\"font-weight: 400;\"> is especially notable because it marks the first time that premium space asking rents in Miami&#8217;s CBD have ended a quarter above $60 sq\/ft \u2013<\/span><b> a new record high<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rents for Class A Brickell office spaces<\/span><a href=\"https:\/\/www.cbre.com\/insights\/figures\/miami-office-figures-q2-2022\" rel=\"nofollow\"> <span style=\"font-weight: 400;\">increased a staggering 27%<\/span><\/a><span style=\"font-weight: 400;\"> year-over-year to $78.35 sq\/ft, driving up the average rate for Class A spaces in the city to a record-high of $58.39 sq\/ft \u2013 a 12.4% increase from Q2 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><b>average rental rate for all types of office space<\/b><span style=\"font-weight: 400;\"> in Miami<\/span><a href=\"https:\/\/www.realestate.bnpparibas.com\/market-research-miami\" rel=\"nofollow\"> <span style=\"font-weight: 400;\">increased significantly<\/span><\/a><span style=\"font-weight: 400;\"> from January to June 2022, rising 4.1% to $46.24 sq\/ft. The prime office average rent also experienced a large rise during the first six months, increasing 5.9% to reach $51.16 per sq\/ft as of June 2022.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Q3 saw<\/span><a href=\"https:\/\/www.us.jll.com\/content\/dam\/jll-com\/documents\/pdf\/research\/americas\/us\/q3-2022-office-insights\/jll-us-office-insight-q3-2022-miami.pdf\" rel=\"nofollow\"> <span style=\"font-weight: 400;\">many of these trends continue<\/span><\/a><span style=\"font-weight: 400;\">, with Class A asking rents reaching $72 in the CBD and an eye-watering $81 in Brickell. Average asking rents for all classes of office space across the Miami area also increased, reaching $51. The cheapest rental rates are currently seen in the Miami Lakes, Miami Airport, and Kendall areas &#8211; all below $40 sq\/ft.<\/span><\/p>\n<h2><span id=\"Vacancy_Rates\"><b>Vacancy Rates<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The office sector&#8217;s recent performances and recovery, which started during the third-quarter of 2021, is further reflected in the 20 bps decrease in vacancy from Q2 2022. Since the end of 2021, vacant space has edged downward 80 bps from the 18.2% peak recorded halfway through 2021.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Q2 saw a vacancy rate of 16.9%, a year-over-year decrease which represented a loss of 190 bps. This trend continued in Q3, where vacancy rates reached 16.2%. The amount of available <a href=\"https:\/\/offices.net\/news\/a-guide-to-subleasing-in-the-united-states-during-covid-19\/\">sublease space<\/a> also decreased by 84,000 sq\/ft, equaling 1.4% of total inventory. In comparison to last year, this is a 27% decrease in available sublease space, with most new leased spaces being taken up by tenants rather than landlords reclaiming them directly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite being more impacted by the pandemic,<\/span><a href=\"https:\/\/www.cushmanwakefield.com\/en\/united-states\/insights\/us-marketbeats\/miami-marketbeats\" rel=\"nofollow\"> <span style=\"font-weight: 400;\">Class A office spaces<\/span><\/a><span style=\"font-weight: 400;\"> seem to be experiencing the strongest comeback. In the last 12 months, <\/span><b>overall vacancy rates dropped faster for Class A space<\/b><span style=\"font-weight: 400;\"> than Class B space.<\/span><\/p>\n<p><a href=\"https:\/\/www.cbre.com\/insights\/figures\/miami-office-figures-q2-2022\" rel=\"nofollow\"><span style=\"font-weight: 400;\">The vacancy rate fell ever so slightly<\/span><\/a><span style=\"font-weight: 400;\"> this quarter, but is expected to rise in the year ahead as 91,000 sq\/ft of <\/span><b>new office space will be delivered<\/b><span style=\"font-weight: 400;\">; with the completion of the Wynwood Office Building and Society Biscayne. 830 Brickell will deliver more than 630,000 sq\/ft of additional office space to market; however, it is already largely leased up by committed tenants.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2025 size-full\" src=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/averagerentsmiami-Offices.net_-e1666941941611.jpg\" alt=\"a computer generated image of office buildings with green arrows rising alongside them and a number of dollar signs above the arrows corresponding to how high the arrows have reached image at offices.net\" width=\"640\" height=\"360\" \/><\/p>\n<h2><span id=\"Investment_Sales\"><b>Investment Sales<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">After setting a new annual sales record in 2021, <\/span><b>the first half of 2022 continued to see healthy sales volumes<\/b><span style=\"font-weight: 400;\">, closing at $1.7 billion. When annualized, this is set to surpass the previous year&#8217;s level.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Office investment sales accounted for 52% of all investment sales during the past six months, which is above the pre-COVID level of 49%. One notable sale was 1221 Brickell Avenue, trading for $286.5 million, or $701 per sq\/ft. Citadel Enterprise Americas<\/span><a href=\"https:\/\/www.realestate.bnpparibas.com\/market-research-miami\" rel=\"nofollow\"> <span style=\"font-weight: 400;\">purchased this 93% leased asset<\/span><\/a><span style=\"font-weight: 400;\"> from Rockpoint in June 2022.<\/span><\/p>\n<h2><span id=\"Flexible_Office_Space\"><b>Flexible Office Space<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Even though many workspaces across the country tend to offer flexibility when it comes to lease terms, true flexible office spaces actually make up a relatively small section of total office stock across the United States. A 2022 report by Colliers outlines that just 1.3% of total office inventory is considered flexible workspace, as of Q2, 2021.<\/span><\/p>\n<p><a href=\"https:\/\/www.colliers.com\/en\/research\/us-flexible-workspace-report-2022\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Out of all the major CRE markets<\/span><\/a><span style=\"font-weight: 400;\"> in the country, <\/span><b>Miami holds the third most flexible workspaces<\/b><span style=\"font-weight: 400;\"> as a percentage of total inventory, at 2%. This percentage, whilst small, is only beaten out in this category by San Francisco (3.2%) and Manhattan (2.5%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As even more companies begin to accommodate hybrid working, and in ever higher volumes of their workforce, it\u2019s expected that the proportion of <a href=\"https:\/\/offices.net\/fl\/miami\/coworking\/\">flexible space in Miami\u2019s CRE market<\/a> will continue to increase.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2015 size-full\" src=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiindustrialmarket-Offices.net_.jpg\" alt=\"top down view of a warehouse depot with trucks arrayed out front image at offices.net\" width=\"640\" height=\"426\" srcset=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiindustrialmarket-Offices.net_.jpg 640w, https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiindustrialmarket-Offices.net_-300x200.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<h2><span id=\"What_about_the_Wider_Miami_Commercial_Real_Estate_Market\"><b>What about the Wider Miami Commercial Real Estate Market?<\/b><\/span><\/h2>\n<h3><span id=\"Industrial_Space\"><em>Industrial Space<\/em><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Despite the 2.2 million sq\/ft of new inventory delivered during Q2 of 2022, <\/span><b>overall vacancy remained level from the previous quarter<\/b><span style=\"font-weight: 400;\">. Additionally,<\/span><a href=\"https:\/\/www.cushmanwakefield.com\/en\/united-states\/insights\/us-marketbeats\/miami-marketbeats\" rel=\"nofollow\"><span style=\"font-weight: 400;\"> Miami\u2019s industrial market<\/span><\/a><span style=\"font-weight: 400;\"> continued to see record-level occupancy, rising 80 bps to 97.7% YOY \u2013 a record high for the county over the past 20 years.<\/span><\/p>\n<p><b>The demand for new warehouse and distribution space<\/b><span style=\"font-weight: 400;\"> was the main reason for Miami&#8217;s strong performance. It is worth noting that the construction completions in the first half of 2022 already matched the total new inventory built during 2020, and is on track to surpass annual delivery rates from 2017 through 2019 (which averaged 4.1 million sq\/ft per year).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At Q2-end, over 25.6% of Miami&#8217;s 6.0 million sq\/ft of underway projects had been pre-leased.<\/span><\/p>\n<h3><span id=\"Demand_for_Industrial_Space\"><em>Demand for Industrial Space<\/em><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Miami hiked to a <\/span><b>new quarterly net absorption record<\/b><span style=\"font-weight: 400;\"> in Q2, however, it only just surpassed the record set in Q2, 2021. One element that bolstered this new record was Amazon&#8217;s filling of over 1 million sq\/ft of industrial space in the South Dade submarket at the beginning of April.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However,<\/span><b> newly established leasing dipped from Q1 to Q2<\/b><span style=\"font-weight: 400;\"> by more than 2 million sq\/ft, landing at around 1.6 million sq\/ft leased for the period. Although activity dropped off from Q1 levels, numbers for the first half of 2022 (5.2 million sq\/ft of uptake) grew slightly over those seen in 2021, highlighting the strong start to the year.<\/span><\/p>\n<h3><span id=\"Price_per_Square_Foot_8211_Industrial_Space\"><em>Price per Square Foot &#8211; Industrial Space<\/em><\/span><\/h3>\n<p><a href=\"https:\/\/www.cushmanwakefield.com\/en\/united-states\/insights\/us-marketbeats\/miami-marketbeats\" rel=\"nofollow\"><span style=\"font-weight: 400;\">Robust demand<\/span><\/a><span style=\"font-weight: 400;\"> pushed rents in Miami to record highs this year, with the overall average reaching nearly $11.00 sq\/ft by Q3. This is more than double the previous economic cycle and can be attributed to the rise of ecommerce, and the dramatic growth in logistics and supply chain distribution. Rents for warehouse and distribution space have now topped $10.00 sq\/ft for the first time ever due to this increased demand.<\/span><\/p>\n<p><b>Miami&#8217;s designation as the gateway to South and Central American commerce<\/b><span style=\"font-weight: 400;\">, and the go-to city for Latin American travelers, has continued to bolster port facilities and wealth outcomes. This has led to the observed surge in demand for industrial space, reflected in higher rents.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2014 size-full\" src=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiretailspace-Offices.net_.jpg\" alt=\"a female fashion store worker in a black dress stands at a white counter in the center of the store with clothes racks arrayed around it image at offices.net\" width=\"640\" height=\"480\" srcset=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiretailspace-Offices.net_.jpg 640w, https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiretailspace-Offices.net_-300x225.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<h3><span id=\"Retail_Space\"><em>Retail Space<\/em><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">With a 3.2% vacancy rate (the lowest it has ever been for this property type), and annual growth of 9.1%, <\/span><b>Miami&#8217;s retail market is expanding<\/b><span style=\"font-weight: 400;\"> at a much faster pace than the national average of 4%. The majority of the 3.5 million sq\/ft that is currently under development has already been leased, so it\u2019s not expected that new supply will have much of an effect on rent growth in the near future. <\/span><b>Future performance depends on how well Miami&#8217;s tourism sector recovers<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Coral Gables retail market is currently experiencing a boom, with 667,000 sq\/ft of <\/span><b>new construction in progress<\/b><span style=\"font-weight: 400;\"> spread across three buildings. An impressive 83.2% of this new space has already been leased, making Coral Gables the 8th most popular submarket in the greater Miami area.\u00a0<\/span><\/p>\n<p><b>Retail space rents<\/b><span style=\"font-weight: 400;\"> averaged out at $43.06 per sq\/ft across Miami by the end of Q2, 2022. Miami Beach is one of the most expensive retail markets in America, with asking rents exceeding $80 per sq\/ft triple net on average.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Over the past year, <\/span><b>sales have reached an all-time high<\/b><span style=\"font-weight: 400;\"> of $2.7 billion with a market capitalization rate of 5.4%. Even though interest rates recently increased, the average market sales price per sq\/ft of $422 is<\/span><a href=\"https:\/\/comreal.com\/q2-2022-market-report-miami-coral-gables-office-retail\/\" rel=\"nofollow\"> <span style=\"font-weight: 400;\">still above the city&#8217;s pre-pandemic peak<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2012 size-full\" src=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiemploymentfigures-Offices.net_.jpg\" alt=\"a woman sits at her desk explaining the miami office market report q2 to q3 2022 while three of her colleagues stand smiling at her shoulder looking at her laptop screen image at offices.net\" width=\"640\" height=\"427\" srcset=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiemploymentfigures-Offices.net_.jpg 640w, https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamiemploymentfigures-Offices.net_-300x200.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<h2><span id=\"Influence_of_Employment_Figures_on_Miamis_CRE_Market\"><b>Influence of Employment Figures on Miami\u2019s CRE Market<\/b><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The overall unemployment rate in the United States reached 3.5% in September 2022, higher than the August 2022 unemployment rate of 2.3% see in Miami-Dade County. This is a 330 bps decrease from the same time last year. Additionally, over 80,000 non-agricultural jobs have been added throughout the past year \u2013 amounting to a 6.8% increase, that totaled more than 1.2 million positions for the county overall. <\/span><b>With job growth being experienced<\/b><span style=\"font-weight: 400;\"> in all but the Government and Information sectors (which lost a combined 2,200 jobs YoY), it&#8217;s evident that industry in Miami is seeing an uptick.<\/span><\/p>\n<p><b>Some of the fastest-growing sectors for employment<\/b><span style=\"font-weight: 400;\"> are in Leisure and Hospitality (a YOY gain of 19,100 positions) and office-using occupations, including Professional and Business Services, Financial Activities, and Information. In the last 12 months, those three sectors saw<\/span><a href=\"https:\/\/www.cushmanwakefield.com\/en\/united-states\/insights\/us-marketbeats\/miami-marketbeats\" rel=\"nofollow\"><span style=\"font-weight: 400;\"> a combined gain<\/span><\/a><span style=\"font-weight: 400;\"> of 26,500 jobs.<\/span><\/p>\n<p><b>Jobs growth across the board in Miami increased significantly in the past yea<\/b><b>r<\/b><span style=\"font-weight: 400;\">, with a 5.9% average increase, up on the 2.2% pre-COVID growth average. In Miami specifically, this translated to 146,400 new jobs from June 2021 to June 2022.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-2013 size-full\" src=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamioutlook-Offices.net_.jpg\" alt=\"a dusk view along a major miami cbd street with skyscrapers rising alongside image at offices.net\" width=\"640\" height=\"480\" srcset=\"https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamioutlook-Offices.net_.jpg 640w, https:\/\/offices.net\/news\/wp-content\/uploads\/2022\/10\/miamioutlook-Offices.net_-300x225.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/p>\n<h2><span id=\"Outlook_for_the_Miami_Office_Market\"><b>Outlook for the Miami Office Market<\/b><\/span><\/h2>\n<p><a href=\"https:\/\/comreal.com\/q2-2022-market-report-miami-coral-gables-office-retail\/\" rel=\"nofollow\"><span style=\"font-weight: 400;\">The rent rate in Miami<\/span><\/a><span style=\"font-weight: 400;\"> has increased significantly more than the national average, growing 6.6% in comparison to the 1.1% change across the country. This is largely due to an<\/span><b> increase in office-using employment sectors<\/b><span style=\"font-weight: 400;\"> and a higher demand for Class A and B assets, which are now 7.5% more expensive than they were previously at H2 2021. Different businesses such as law firms, financial institutions and tech companies have also contributed to fuel this fire of growth.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to<\/span><a href=\"https:\/\/www.us.jll.com\/en\/trends-and-insights\/research\/office-market-statistics-trends\/miami\" rel=\"nofollow\"> <span style=\"font-weight: 400;\">current projections<\/span><\/a><span style=\"font-weight: 400;\">, the Miami office market is anticipated to be more successful in 2022 than it has been since the pandemic initially hit. Many companies are now wanting their employees to return full-time and as a result, there will be an<\/span><b> increased demand for high-quality office space<\/b><span style=\"font-weight: 400;\"> with luxurious amenities that will help attract workers back.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Miami\u2019s office market was consistent during the first half of 2022, experiencing a net absorption of 300,000 sq\/ft. The vacancy rate then decreased by 0.4% to 15% at mid-year 2022. And with travel and tourism on the rise again, Miami will likely see an<\/span><a href=\"https:\/\/www.realestate.bnpparibas.com\/market-research-miami\" rel=\"nofollow\"> <span style=\"font-weight: 400;\">overall market improvement<\/span><\/a><span style=\"font-weight: 400;\">, given the huge role the retail and cruise industries play in the area.<\/span><\/p>\n<h2><span id=\"Further_Insights\"><i>Further Insights<\/i><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Looking for more articles and analysis surrounding the US office market? You can find a number of recent posts below! Alternatively, if you\u2019re a business or freelancer looking for flexible workspace in the US, we can help to connect you to a wide range of<\/span><a href=\"https:\/\/offices.net\/national.htm\"> <span style=\"font-weight: 400;\">serviced offices<\/span><\/a><span style=\"font-weight: 400;\"> and<\/span><a href=\"https:\/\/offices.net\/coworking\/\"> <span style=\"font-weight: 400;\">coworking spaces<\/span><\/a><span style=\"font-weight: 400;\"> in highly sought-after locations such as<\/span><a href=\"https:\/\/offices.net\/ny\/nyc\/\"> <span style=\"font-weight: 400;\">New York City<\/span><\/a><span style=\"font-weight: 400;\">,<\/span><a href=\"https:\/\/offices.net\/ca\/los-angeles\/\"> <span style=\"font-weight: 400;\">Los Angeles<\/span><\/a><span style=\"font-weight: 400;\">,<\/span><a href=\"https:\/\/offices.net\/tx\/houston\/\"> <span style=\"font-weight: 400;\">Houston<\/span><\/a><span style=\"font-weight: 400;\">,<\/span><a href=\"https:\/\/offices.net\/ga\/atlanta\/\"> <span style=\"font-weight: 400;\">Atlanta<\/span><\/a><span style=\"font-weight: 400;\">,<\/span><a href=\"https:\/\/offices.net\/fl\/miami\/\"> <span style=\"font-weight: 400;\">Miami<\/span><\/a><span style=\"font-weight: 400;\">,<\/span><a href=\"https:\/\/offices.net\/il\/chicago\/\"> <span style=\"font-weight: 400;\">Chicago<\/span><\/a><span style=\"font-weight: 400;\">, and<\/span><a href=\"https:\/\/offices.net\/tx\/dallas\/\"><span style=\"font-weight: 400;\"> Dallas<\/span><\/a><span style=\"font-weight: 400;\">. You can also call our commercial real estate experts to have a discussion about your requirements on <\/span><b><i>972-913-2742<\/i><\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><a href=\"https:\/\/offices.net\/news\/average-office-worker-salary\/\"><span style=\"font-weight: 400;\">Average Office Worker Salary by Age in 2022<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/a><a href=\"https:\/\/offices.net\/news\/mid-2022-vegas-market-report\/\"><span style=\"font-weight: 400;\">Mid-2022 Las Vegas Office Market Report<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/a><a href=\"https:\/\/offices.net\/news\/the-impact-of-proptech-on-commercial-real-estate\/\"><span style=\"font-weight: 400;\">The Impact of Proptech on Commercial Real Estate<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/a><a href=\"https:\/\/offices.net\/news\/15-employee-recognition-ideas\/\"><span style=\"font-weight: 400;\">15 In-Person Employee Recognition Ideas for the New World of Work<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/a><a href=\"https:\/\/offices.net\/news\/mid-2022-houston-commercial-real-estate-market-report\/\"><span style=\"font-weight: 400;\">Mid-2022 Houston Commercial Real Estate Market Report<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/a><a href=\"https:\/\/offices.net\/news\/coworking-space-for-students-on-u-s-college-campuses\/\"><span style=\"font-weight: 400;\">Coworking Space for Students on U.S. College Campuses<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/a><a href=\"https:\/\/offices.net\/news\/how-the-decentralization-of-cities-has-changed-the-u-s-office-space-market\/\"><span style=\"font-weight: 400;\">How the Decentralization of Cities Has Changed the U.S. Office Space Market<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/a><a href=\"https:\/\/offices.net\/news\/us-office-market-trends-2022-statistics-challenges-and-outlook\/\"><span style=\"font-weight: 400;\">US Office Market Trends 2022 \u2013 Statistics, Challenges and Outlook<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/a><a href=\"https:\/\/offices.net\/news\/january-2022-u-s-national-office-market-report\/\"><span style=\"font-weight: 400;\">January 2022 \u2013 U.S. National Office Market Report<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/a><a href=\"https:\/\/offices.net\/news\/the-great-resignation-or-the-great-retention-how-employers-yield-the-power-heading-into-2022\/\"><span style=\"font-weight: 400;\">The Great Resignation or the Great Retention? How Employers Yield the Power Heading into 2022<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/a><a href=\"https:\/\/offices.net\/news\/5-ways-to-create-a-great-office-culture\/\"><span style=\"font-weight: 400;\">5 Ways to Create a Great Office Culture<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Even though Florida&#8217;s office sector held strong during the pandemic, some investors are now feeling cautious as a result of geopolitical tensions, inflation, reduced spending, and rising interest rates. Despite the cooling sentiment, vacancy rates for commercial spaces are continuing to decrease across the State, especially in the office market. Fuelling Florida&#8217;s continued market positive [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[517,356,491,245,349],"tags":[492,532,494,407,544,545],"class_list":["post-2011","post","type-post","status-publish","format-standard","hentry","category-517","category-cre","category-market-overviews","category-miami","category-trends-and-statistics","tag-492","tag-flexible-office-space","tag-industrial-space","tag-miami","tag-office-market","tag-retail-space"],"_links":{"self":[{"href":"https:\/\/offices.net\/news\/wp-json\/wp\/v2\/posts\/2011","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/offices.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/offices.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/offices.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/offices.net\/news\/wp-json\/wp\/v2\/comments?post=2011"}],"version-history":[{"count":10,"href":"https:\/\/offices.net\/news\/wp-json\/wp\/v2\/posts\/2011\/revisions"}],"predecessor-version":[{"id":2368,"href":"https:\/\/offices.net\/news\/wp-json\/wp\/v2\/posts\/2011\/revisions\/2368"}],"wp:attachment":[{"href":"https:\/\/offices.net\/news\/wp-json\/wp\/v2\/media?parent=2011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/offices.net\/news\/wp-json\/wp\/v2\/categories?post=2011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/offices.net\/news\/wp-json\/wp\/v2\/tags?post=2011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}