Miami Office Market
Annual full-service asking rental rates increased to a historical high of $55.95/SF, a 12.5% increase year over year. Occupancy remained positive, pushing overall vacancy rates to decrease by 40 basis points year over year, to 13.8%. Under-construction pipeline increases, with 1.9 MSF in progress. Total leasing activity closed the quarter at 1.0 MSF, reflecting slower leasing activity due to fewer deals being done. Leases signed averaged 3,208 SF per deal, a 380 SF increase in average deal size year over year.
Miami Industrial Market
The market realized 341,629 SF of positive absorption in the second quarter of 2024, a 34.0% decline quarter over quarter but a 49.4% increase year over year. Overall rental rates grew by 0.1% quarter over quarter and by 10.3% year over year to $15.46/SF. Construction deliveries rose in the second quarter of 2024 with 3.0 MSF delivered as the pipeline receded to 4.1 MSF under construction. Supply outpaced demand to finish the first half of 2024 and, as a result, vacancy has climbed to 4.0%, reflecting an increase of 110 basis points quarter over quarter. Of the space under construction, 12.0% is currently preleased.
Download Miami Industrial Market Report 2Q24