{"id":1004561500,"date":"2022-01-03T06:18:17","date_gmt":"2022-01-03T14:18:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004561500"},"modified":"2022-12-08T18:25:50","modified_gmt":"2022-12-09T02:25:50","slug":"miami-market-update-office-vacancy-slips","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-market-update-office-vacancy-slips\/","title":{"rendered":"Miami Market Update: Office Vacancy Slips"},"content":{"rendered":"

\"\"<\/a>As of November, Miami\u2019s office vacancy rate dropped to 12.5 percent, clocking in 120 basis points lower than at the same point last year and 50 basis points below November 2019 levels, according to CommercialEdge. The gap between the metro\u2019s vacancy and the national average (15.2 percent) further widened<\/a>.<\/p>\n

Miami\u2019s recovery has been on a definite upward spiral throughout 2021. In November, the Magic City was one of only two gateway markets that decreased their office vacancy year-over-year, along with Los Angeles, which shed 30 basis points. Seattle (630 basis points) and San Francisco (410 basis points) registered the largest vacancy expansions since November 2020.<\/p>\n

Miami\u2019s average listing rate reached $43.4 in November, registering a 5.8 percent gain year-over-year, the second biggest increase among gateway cities, after Los Angeles (8.1 percent). Seattle, Manhattan and San Francisco\u2019s listing rates decreased the most since November last year, shedding 3 percent, 2.6 percent and 1.6 percent, respectively.<\/p>\n

On a submarket level, Coral Gables\u2013Downtown (20.0 percent), Miami\u2019s CBD (17.6 percent), Miami Beach (15.7) and Airport South (15.1 percent) bore the highest vacancy rates in the metro. On the other side of the spectrum, Miami South (3.3 percent), Biscayne Corridor (6.0 percent), Dadeland (6.9 percent), Miami North (9.9 percent) and Brickell registered the highest rates.<\/p>\n

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report\u00a0here<\/a>.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The metro was one of few in the U.S. to improve its vacancy long-term.<\/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":[21784,1492,21742,21747],"tags":[51047,50674],"class_list":["post-1004561500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-miami","category-latest","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nMiami Market Update: Office Vacancy Slips - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"As of November, Miami\u2019s office vacancy rate dropped to 12.5 percent, clocking in 120 basis points lower than at the same point last year.\" \/>\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-slips\/\" \/>\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 Slips\" \/>\n<meta property=\"og:description\" content=\"As of November, Miami\u2019s office vacancy rate dropped to 12.5 percent, clocking in 120 basis points lower than at the same point last year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/miami-market-update-office-vacancy-slips\/\" \/>\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=\"2022-01-03T14:18:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:25:50+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-slips\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/miami-market-update-office-vacancy-slips\/\",\"name\":\"Miami Market Update: Office Vacancy Slips - 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