Office Deals Cooled Off in Miami During Q1

1 min read

Although Miami recorded the lowest deal volume among gateway markets, the average price per square foot is up year-over-year.

In the first quarter of 2022, a total of $209 million in office deals have transacted within the Miami metro, according to CommercialEdge data. The market’s transaction volume has decreased since the same period last year, when it reached $395 million.

Office deals seem to have slowed in 2022 compared to 2021 levels, but were still significantly up since 2020, when sales amounted to merely $66 million in the same period. The average price for office product has also risen, from $193 per square foot in the first quarter of 2020, to $305 per square foot in 2021 and $330 per square foot in the current year.

Nationally, CommercialEdge recorded $18.9 billion in office sales during the first quarter of 2022. Across gateway cities, Miami’s volume was the lowest, while Seattle ($1.15 billion), the Bay Area ($1.02 billion) and Manhattan ($1.02 billion) had the highest volumes, all exceeding $1 billion. First quarter office sales volume was also low in Boston ($507 million) and San Francisco ($515 million).

The largest office deal of the quarter was the sale of Las Olas Square, a two-building, nearly 260,000-square-foot office and retail property in Fort Lauderdale, Fla. A partnership of CP Group and Related Fund Management picked up the asset for $144.5 million from SQUARE2 Capital, closing on the largest office sale by price in Broward County since 2020.

In January, RFR Realty made another significant purchase for the market with the acquisition of 100 Biscayne Blvd. in Downtown Miami. East End Capital sold the 310,596-square-foot office building following a four-year ownership. The The 30-story office building dates back to 1963.

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here.

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