After slow first quarter, office lease activity in Miami-Dade picks up according to a new report from a commercial brokerage firm.
The Q2 2016 Office Insight report said that office leasing has increased from the first quarter, but that the market is still “subdued” compared to previous cycles. Historically, the second quarters of 2011 through 2015 averaged 12.5 percent more deal activity and 70 percent more square footage leased, according to the report.
The second quarter of this year saw 200 leases signed, averaging 2,000 square feet each, up from 150 leases of the same size in the first quarter.
Miami’s Central Business District and Miami Beach saw greater demand than supply during the second quarter, unlike the rest of Miami-Dade’s office markets. Vacancy in the CBD, a market with nearly 15 million square feet of office space in downtown Miami and Brickell, was at 18.2 percent, up from 17.1 percent last quarter. Aventura, with about 1 million square feet of office space, had the lowest vacancy rate at 4 percent.
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