{"id":1004579772,"date":"2022-05-12T02:26:57","date_gmt":"2022-05-12T10:26:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004579772"},"modified":"2022-12-09T00:28:57","modified_gmt":"2022-12-09T08:28:57","slug":"miamis-office-pipeline-more-than-doubled-since-2020","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/","title":{"rendered":"Miami Office Pipeline Doubles Since 2020"},"content":{"rendered":"<p class=\"MsoNormal\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\" target=\"_blank\" rel=\"noopener\"><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\" \/><\/a>As of March, Miami had 5.4 million square feet of office space under construction, according to <strong>CommercialEdge<\/strong> data. The pandemic seems to have had a positive impact on the metro\u2019s office sector: at the end of the first quarter the pipeline more than doubled since the same period in 2020, when it reached 2.5 million square feet.<\/p>\n<p class=\"MsoNormal\">The Magic City has been one of the metros that gained popularity for corporate relocations since the beginning of the COVID-19 pandemic. Its planned and under construction space as a percentage of existing stock was one of the highest nationwide in March, clocking in at 12.7 percent, while the U.S. average hit 5.9 percent. Only Austin (25.3 percent), Nashville (15.4 percent) the Bay Area outperformed Miami that month, while Boston (11.1 percent) and Seattle (10.7 percent) also recorded high planned stock rates.<\/p>\n<p class=\"MsoNormal\">Although the office market features a robust pipeline, there were no significant groundbreakings recorded in Miami in the first three months of the year. Listing rates increased by 12.2 percent year-over-year, to reach $47.38 in March\u2014the second largest year-round increase across all markets, second only to Boston (16.4 percent).<\/p>\n<h2 class=\"MsoNormal\">Miami\u2019s office vacancy<\/h2>\n<p class=\"MsoNormal\">Also in March, Miami\u2019s office market had one of the <a href=\"https:\/\/www.commercialsearch.com\/news\/miami-catches-up-with-manhattan\/\">lowest vacancy rates across all U.S. markets<\/a>, hitting an average of 12.8 percent\u2014280 basis points lower than March 2021. Other gateway cities that registered vacancy rates below the national average (15.9 percent) included Boston (10.5 percent), Los Angeles (13.7 percent), Manhattan (14.4 percent) and the Bay Area (15.1 percent).<\/p>\n<p class=\"MsoNormal\">Notable leases in the first quarter of the year included:<\/p>\n<p class=\"MsoListParagraphCxSpFirst\" style=\"text-indent: -.25in\"><!-- [if !supportLists]--><span style=\"font-family: Symbol\">\u00b7<span style=\"font-size: 7pt;line-height: normal;font-family: 'Times New Roman'\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><b>Franklin Street Properties <\/b><a href=\"https:\/\/www.commercialsearch.com\/news\/franklin-street-gains-tenant-for-miami-office\/\">committed to 53,119 square feet<\/a> at <b>Unique Vacations\u2019<\/b> 5505 Waterford building, situated within the Airport submarket;<b><\/b><\/p>\n<p class=\"MsoListParagraphCxSpMiddle\" style=\"text-indent: -.25in\"><!-- [if !supportLists]--><span style=\"font-family: Symbol\">\u00b7<span style=\"font-size: 7pt;line-height: normal;font-family: 'Times New Roman'\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]-->Aircraft leasing company <b>AerCap<\/b> signed a <a href=\"https:\/\/www.commercialsearch.com\/news\/oko-group-jv-lands-new-tenant-at-miami-skyscraper\/\">20,000-square-foot lease<\/a> at 830 Brickell;<\/p>\n<p class=\"MsoListParagraphCxSpLast\" style=\"text-indent: -.25in\"><!-- [if !supportLists]--><span style=\"font-family: Symbol\">\u00b7<span style=\"font-size: 7pt;line-height: normal;font-family: 'Times New Roman'\">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <\/span><\/span><!--[endif]--><b>Mastercard International<\/b> renewed its 53,700-square-foot lease at <b>Nuveen Real Estate<\/b>\u2019s 801 Brickell tower.<b><\/b><\/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\/\">here<\/a>.<\/em><\/p>\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The city\u2019s vacancy rate is one of the lowest in the country.<\/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":[21784,21782,1492,21742,21747],"tags":[51047,50674],"class_list":["post-1004579772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-development","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 Office Pipeline Doubles Since 2020<\/title>\n<meta name=\"description\" content=\"Miami&#039;s business-friendly climate has positively impacted its office market, which bares one of the lowest vacancy rates in the country.\" \/>\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\/miamis-office-pipeline-more-than-doubled-since-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miami Office Pipeline Doubles Since 2020\" \/>\n<meta property=\"og:description\" content=\"Miami&#039;s business-friendly climate has positively impacted its office market, which bares one of the lowest vacancy rates in the country.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/\" \/>\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=\"2022-05-12T10:26:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:28:57+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\/miamis-office-pipeline-more-than-doubled-since-2020\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/\",\"name\":\"Miami Office Pipeline Doubles Since 2020\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"datePublished\":\"2022-05-12T10:26:57+00:00\",\"dateModified\":\"2022-12-09T08:28:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\"},\"description\":\"Miami's business-friendly climate has positively impacted its office market, which bares one of the lowest vacancy rates in the country.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"width\":1200,\"height\":930},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Miami Office Pipeline Doubles Since 2020\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\",\"name\":\"Beata Lorincz\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96\",\"caption\":\"Beata Lorincz\"},\"description\":\"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/beata-lorincz\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Miami Office Pipeline Doubles Since 2020","description":"Miami's business-friendly climate has positively impacted its office market, which bares one of the lowest vacancy rates in the country.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/","og_locale":"en_US","og_type":"article","og_title":"Miami Office Pipeline Doubles Since 2020","og_description":"Miami's business-friendly climate has positively impacted its office market, which bares one of the lowest vacancy rates in the country.","og_url":"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2022-05-12T10:26:57+00:00","article_modified_time":"2022-12-09T08:28:57+00:00","og_image":[{"width":1200,"height":930,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","type":"image\/jpeg"}],"author":"Beata Lorincz","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/","url":"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/","name":"Miami Office Pipeline Doubles Since 2020","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","datePublished":"2022-05-12T10:26:57+00:00","dateModified":"2022-12-09T08:28:57+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004"},"description":"Miami's business-friendly climate has positively impacted its office market, which bares one of the lowest vacancy rates in the country.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","width":1200,"height":930},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/miamis-office-pipeline-more-than-doubled-since-2020\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Miami Office Pipeline Doubles Since 2020"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004","name":"Beata Lorincz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","caption":"Beata Lorincz"},"description":"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.","url":"https:\/\/www.commercialsearch.com\/news\/author\/beata-lorincz\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004579772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/739"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004579772"}],"version-history":[{"count":9,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004579772\/revisions"}],"predecessor-version":[{"id":1004617994,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004579772\/revisions\/1004617994"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004545005"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004579772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004579772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004579772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}