{"id":1004544874,"date":"2021-08-03T05:31:43","date_gmt":"2021-08-03T13:31:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004544874"},"modified":"2022-12-08T14:47:43","modified_gmt":"2022-12-08T22:47:43","slug":"miami-market-update-office-vacancy-still-on-downward-trajectory","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-office-vacancy-still-on-downward-trajectory\/","title":{"rendered":"Miami Market Update: Office Vacancy Stays on Downward Trajectory"},"content":{"rendered":"

\"\"<\/a>By the end of June, Miami\u2019s office vacancy clocked in at 14.6 percent, down 20 basis point month-over-month and up 10 basis points year-over-year, according to CommercialEdge data.<\/p>\n

Coming into the second half of the year, Miami and Los Angeles are the only gateway markets to see vacancy come down since the start of 2021. Magic City\u2019s office vacancy rate has fallen 70 basis points since January, opposing national trends and despite a stable pipeline growth<\/a>.<\/p>\n

The national overall vacancy rate rose 100 basis points in the first half of the year, at 15.6 percent as of June. Miami\u2019s vacancy was higher than in Manhattan (10.9 percent), Los Angeles (13.1 percent) and San Francisco (14.3 percent), while the metro outperformed Chicago (16.9 percent), Seattle (15.0 percent) and Washington, D.C (16.8 percent).<\/p>\n

As the Sunshine State kept luring outside players<\/a> with its business-friendly climate, a New York City-based hedge fund signed one of the largest leases of the month in Miami. D1 Capital Partners committed to 25,000 square feet<\/a> at Related Group\u2019s recently completed 2850 Tigertail Ave. in Coconut Grove. The submarket had a 13.8 percent vacancy rate in June, placing it close the metro\u2019s overall figure.<\/p>\n

Miami\u2019s CBD topped the highest vacancy list for submarkets, reaching 20,3 percent, followed by Miami Gardens (22.0 percent) and Coral Gables \u2013 Downtown (17.7 percent). Miami North (10.8 percent), Miami Beach (12.5 percent) and Airport West (12.7 percent) registered some of the lowest rates in the metro.<\/p>\n

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report\u00a0here<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The metro is one of only two gateway cities that have lowered their vacancy rates during 2021, CommercialEdge data shows.<\/p>\n","protected":false},"author":739,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,1492,21742,21747],"tags":[51047,50674],"class_list":["post-1004544874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-miami","category-latest","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nMiami Market Update: Office Vacancy Stays on Downward Trajectory - 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-still-on-downward-trajectory\/\" \/>\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 Stays on Downward Trajectory\" \/>\n<meta property=\"og:description\" content=\"The metro is one of only two gateway cities that have lowered their vacancy rates during 2021, CommercialEdge data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/miami-market-update-office-vacancy-still-on-downward-trajectory\/\" \/>\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=\"2021-08-03T13:31:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:47:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"930\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\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\/miami-market-update-office-vacancy-still-on-downward-trajectory\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/miami-market-update-office-vacancy-still-on-downward-trajectory\/\",\"name\":\"Miami Market Update: Office Vacancy Stays on Downward Trajectory - 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