{"id":1004241647,"date":"2018-08-07T05:11:05","date_gmt":"2018-08-07T13:11:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004241647"},"modified":"2025-02-26T02:41:42","modified_gmt":"2025-02-26T10:41:42","slug":"growing-demand-shapes-miami","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/growing-demand-shapes-miami\/","title":{"rendered":"Growing Demand Shapes Miami"},"content":{"rendered":"

By Timea-Erika Papp<\/p>\n

\"Office-using<\/a>

Office-using employment in Miami, click to enlarge<\/p><\/div>\n

South Florida\u2019s favorable tax environment, affordable cost of living and diverse economy contributes to Miami\u2019s reputation of an ever-growing market. The metro mainly depends on organic expansion rather than large-scale corporate migration. Brightline, the high-speed rail service from All Aboard Florida, is a major step toward an elaborate infrastructure. The project will benefit the metro\u2019s economic development by drawing in tenants in pursuit of walkable live-work-play environments close to nightlife, dining and shopping destinations.<\/p>\n

Leasing activity remained brisk in a supply-constrained market, with companies facing challenges in finding available office space in core submarkets. With limited leasable inventory and sustained demand, vacancies compressed in most primary regions, reaching a 13.5 percent rate overall. In a landlord\u2019s market, tenants are inclined to pay a premium for quality space in well-established districts.<\/p>\n

Miami\u2019s office employment sector has been on a slight downward trend since 2015, a sign that future growth might be even more moderate.<\/p>\n

Total transaction volume topped $574.7 million in the 12 months ending in April, with Miami Beach taking the lead as the metro\u2019s most expensive submarket, commanding $1,522 per square foot.<\/p>\n

Construction activity has picked up since the historic low of 2012. Around 1.2 million square feet of office space is expected to come online by the end of 2018.<\/p>\n

Read the full Yardi Matrix report.<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

South Florida\u2019s favorable tax environment, affordable cost of living and diverse economy contributes to Miami\u2019s reputation of an ever-growing market.<\/p>\n","protected":false},"author":240,"featured_media":1004241659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1492,21742,21747],"tags":[],"class_list":["post-1004241647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miami","category-latest","category-office"],"acf":[],"yoast_head":"\nGrowing Demand Shapes Miami - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/growing-demand-shapes-miami\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Growing Demand Shapes Miami\" \/>\n<meta property=\"og:description\" content=\"South Florida\u2019s favorable tax environment, affordable cost of living and diverse economy contributes to Miami\u2019s reputation of an ever-growing market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/growing-demand-shapes-miami\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-07T13:11:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T10:41:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/MatrixMiami_covers.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/growing-demand-shapes-miami\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/growing-demand-shapes-miami\/\",\"name\":\"Growing Demand Shapes Miami - 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