{"id":1004555374,"date":"2021-11-05T04:58:08","date_gmt":"2021-11-05T12:58:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004555374"},"modified":"2022-12-09T02:16:07","modified_gmt":"2022-12-09T10:16:07","slug":"miami-market-update-south-florida-still-a-magnet-for-fintech","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-south-florida-still-a-magnet-for-fintech\/","title":{"rendered":"Miami Market Update: Fintech Firms Follow the Sun"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004545005\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-market-update-slow-and-steady-development-progress\/market-update-resized\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" data-orig-size=\"1200,930\" 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;1&quot;}\" data-image-title=\"Market-Update-resized\" data-image-description=\"&lt;p&gt;Office Sales Update Q2&lt;\/p&gt;\n\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=1024\" class=\"alignright wp-image-1004545005 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?w=300\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg?resize=1024,794 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>In September, Miami\u2019s office vacancy slipped to 13.6 percent, registering a 60-basis-point drop from <a href=\"https:\/\/www.commercialsearch.com\/news\/miami-market-update-office-vacancy-holds-steady\/\">the previous month<\/a>, but still 100 basis points higher than in September 2020, according to CommercialEdge data.<\/p>\n<p>The metro outperformed the national vacancy rate of 14.9 percent, which decreased by 50 basis points through September, but was still up 130 basis points year-over-year. Most gateway cities shed vacant space during the month, except Manhattan and Chicago, where vacancy remained flat. Boston was the only primary market to expand its rate in September.<\/p>\n<p>There has been roughly one year since the Miami Downtown Development Authority launched its &#8220;Follow the Sun&#8221; economic development campaign, an initiative that offers companies up to $150,000 over three years in exchange for relocating or expanding to Downtown Miami. Since then, 17 new-to-market firms committed to some 250,000 square feet and are expected to create a total of 1,800 jobs.<\/p>\n<p>As financial and technology companies continue to drive demand, asking rates are also rising: in September, the market\u2019s average listing rate clocked in at $43.4 per square foot, a 5,8 percent positive change since the same period last year.<\/p>\n<p>Also in September, <a href=\"https:\/\/www.commercialsearch.com\/news\/microsoft-to-open-50-ksf-office-in-miami\/\">Microsoft announced plans<\/a> to open a new, 50,000-square-foot office in downtown Miami. Upon completion, the tech giant will join private equity firm Thoma Bravo\u2014which signed a 36,500-square-foot lease at the location earlier this year\u2014at 830 Brickell. Miami\u2019s first major office tower in more than a decade, the 55-story skyscraper is set for delivery next year.<\/p>\n<p><em>CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report\u00a0<a href=\"https:\/\/www.commercialedge.com\/blog\/national-office-report\/\">here<\/a>.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Microsoft is among the companies that have recently committed to office space.<\/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":[1492,21742,21747],"tags":[51047,50674],"class_list":["post-1004555374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","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: Fintech Firms Follow the Sun - 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