Report | Miami Office Insight - Q4 2015
Miami saw its overall vacancy rates contract by more than 2 percent year-over-year in 2015, even as transaction activity slowed slightly in Q4—most of that driven from suburban submarkets and not the CBD.
Landlords in the suburbs don’t appear to be bothered by that slowdown, however, and continue to raise rents. Their counterparts in the CBD haven’t been nearly as aggressive. Rents in that submarket remained stagnant through the end of 2015.
We’ll be closely watching the Class A market in the CBD through the first half of 2016, with availabilities set to increase to 20.2 percent following the delivery of two mid-rise office towers—with 40 percent of Class A inventory already having been on the market for three years or more.
Learn more about what’s happening—and what we expect to occur in the coming months—across the Miami office market in our Q4 US Office Insight.
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