{"id":1004541929,"date":"2021-07-15T00:21:00","date_gmt":"2021-07-15T08:21:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004541929"},"modified":"2022-12-08T09:33:09","modified_gmt":"2022-12-08T17:33:09","slug":"miami-market-update-office-vacancy-continues-to-fall","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-office-vacancy-continues-to-fall\/","title":{"rendered":"Miami Market Update: Office Vacancy Slides"},"content":{"rendered":"<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" data-attachment-id=\"1004530168\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/miami-market-update-office-vacancy-continues-to-fall\/market-update-800x620-30\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update-800x620-30.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Patricia Todoran&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1497549143&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Market-Update-800&#215;620-30\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update-800x620-30.jpg?w=800\" loading=\"lazy\" class=\"alignright wp-image-1004530168 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Market-Update.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\"><\/a>Despite constantly expanding its development pipeline since the onset of the year, <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/miami-market\/\">Miami\u2019s office vacancy<\/a> has been contracting during 2021, CommercialEdge data shows. The metro\u2019s business-friendly environment and favorable tax climate continues to attract investor <a href=\"https:\/\/www.commercialsearch.com\/news\/tech-and-finance-exodus-to-south-florida-fuels-office-demand\/\">interest from other parts of the country<\/a>.<\/p>\n<p>As of May, the market\u2019s vacancy rate hit 14.8 percent, down 70 basis points since April and up 310 basis points year-over-year, falling behind the national average of 15.6 percent. Miami has lower rates than other gateway markets, such as Chicago (16.8 percent) and Washington, D.C. (15.8 percent), but still lags behind Los Angeles (13.6 percent) and San Francisco (13.9 percent).<\/p>\n<p>Miami\u2019s Class A properties had a 310-basis-points higher overall vacancy rate when compared to Class B assets. In Late May, Sumitomo Corp. of Americas <a href=\"https:\/\/www.commercialsearch.com\/news\/flurry-of-lease-deals-totals-70-ksf-at-miami-tower\/\">inked four leases totaling 70,000 square feet<\/a> at its landmark Miami Tower in Downtown. Three law firms and a federal government agency signed commitments at the Class A, 47-story high-rise. Built in 1987, the skyscraper is one of the metro\u2019s tallest buildings and the only downtown property to have an integrated Metromover station.<\/p>\n<p>In West Palm Beach, the vacancy rate for office space clocked in at 12.6 percent, in line with <a href=\"https:\/\/www.commercialsearch.com\/news\/miami-market-update-rising-demand-falling-vacancy-rates\/\">Miami\u2019s descending trend<\/a> for the year. The Palm Beach Gardens submarket had one of the highest vacancies in the area, at 16.3 percent, followed by Downtown West Palm Beach at 15.9 percent.<\/p>\n<p>Fort Lauderdale\u2019s vacancy rate was higher than those recorded in Miami or West Palm Beach, hitting 18.2 percent in May. The CBD (25.8 percent) and Airport\/Dania Beach (29.0 percent) submarkets registered the highest rates, while Miramar (7.7 percent) and Hollywood (10.9 percent) were at the other end of the spectrum.<\/p>\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report&nbsp;<a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report-2021-june\/\">here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The metro is outperforming some other gateway markets, according to Commercial Edge. Here\u2019s the latest.<\/p>\n","protected":false},"author":739,"featured_media":1004530169,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1492,21742,21747],"tags":[51047,50674],"class_list":["post-1004541929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-miami","category-latest","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Miami Market Update: Office Vacancy Slides - 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\/miami-market-update-office-vacancy-continues-to-fall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miami Market Update: Office Vacancy Slides\" \/>\n<meta property=\"og:description\" content=\"The metro is outperforming some other gateway markets, according to Commercial Edge. 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