{"id":1004580130,"date":"2022-05-17T05:30:57","date_gmt":"2022-05-17T13:30:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004580130"},"modified":"2022-12-09T00:23:16","modified_gmt":"2022-12-09T08:23:16","slug":"office-deals-cooled-off-in-miami-during-q1","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/","title":{"rendered":"Office Deals Cooled Off in Miami During Q1"},"content":{"rendered":"

\"\"<\/a>In the first quarter of 2022, a total of $209 million in office deals have transacted within the Miami metro, according to CommercialEdge<\/strong> data. The market\u2019s transaction volume has decreased since the same period last year, when it reached $395 million.<\/p>\n

Office deals seem to have slowed in 2022 compared to 2021 levels, but were still significantly up since 2020, when sales amounted to merely $66 million in the same period. The average price for office product has also risen, from $193 per square foot in the first quarter of 2020, to $305 per square foot in 2021 and $330 per square foot in the current year.<\/p>\n

Nationally, CommercialEdge recorded $18.9 billion in office sales during the first quarter of 2022. Across gateway cities, Miami\u2019s volume was the lowest, while Seattle ($1.15 billion), the Bay Area ($1.02 billion) and Manhattan ($1.02 billion) had the highest volumes, all exceeding $1 billion. First quarter office sales volume was also low in Boston ($507 million) and San Francisco ($515 million).<\/p>\n

The largest office deal of the quarter was the sale of Las Olas Square, a two-building, nearly 260,000-square-foot office and retail property in Fort Lauderdale, Fla. A partnership of CP Group <\/strong>and Related Fund Management<\/strong> picked up the asset<\/a> for $144.5 million from SQUARE2 Capital, closing on the largest office sale by price in Broward County since 2020.<\/p>\n

In January, RFR Realty<\/strong> made another significant purchase<\/a> for the market with the acquisition of 100 Biscayne Blvd. in Downtown Miami. East End Capital<\/strong> sold the 310,596-square-foot office building following a four-year ownership. The The 30-story office building dates back to 1963.<\/p>\n

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

Although Miami recorded the lowest deal volume among gateway markets, the average price per square foot is up year-over-year.<\/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-1004580130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-miami","category-latest","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nOffice Deals Cooled Off in Miami During Q1<\/title>\n<meta name=\"description\" content=\"Although Miami's office market recorded the lowest deal volume among gateway cities, numbers were way up compared to 2020 levels.\" \/>\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\/office-deals-cooled-off-in-miami-during-q1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Office Deals Cooled Off in Miami During Q1\" \/>\n<meta property=\"og:description\" content=\"Although Miami's office market recorded the lowest deal volume among gateway cities, numbers were way up compared to 2020 levels.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/\" \/>\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=\"2022-05-17T13:30:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:23:16+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\/office-deals-cooled-off-in-miami-during-q1\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/\",\"name\":\"Office Deals Cooled Off in Miami During Q1\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg\",\"datePublished\":\"2022-05-17T13:30:57+00:00\",\"dateModified\":\"2022-12-09T08:23:16+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\"},\"description\":\"Although Miami's office market recorded the lowest deal volume among gateway cities, numbers were way up compared to 2020 levels.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/#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\/office-deals-cooled-off-in-miami-during-q1\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Office Deals Cooled Off in Miami During Q1\"}]},{\"@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":"Office Deals Cooled Off in Miami During Q1","description":"Although Miami's office market recorded the lowest deal volume among gateway cities, numbers were way up compared to 2020 levels.","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\/office-deals-cooled-off-in-miami-during-q1\/","og_locale":"en_US","og_type":"article","og_title":"Office Deals Cooled Off in Miami During Q1","og_description":"Although Miami's office market recorded the lowest deal volume among gateway cities, numbers were way up compared to 2020 levels.","og_url":"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2022-05-17T13:30:57+00:00","article_modified_time":"2022-12-09T08:23:16+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\/office-deals-cooled-off-in-miami-during-q1\/","url":"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/","name":"Office Deals Cooled Off in Miami During Q1","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Market-Update-resized.jpg","datePublished":"2022-05-17T13:30:57+00:00","dateModified":"2022-12-09T08:23:16+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004"},"description":"Although Miami's office market recorded the lowest deal volume among gateway cities, numbers were way up compared to 2020 levels.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/office-deals-cooled-off-in-miami-during-q1\/#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\/office-deals-cooled-off-in-miami-during-q1\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Office Deals Cooled Off in Miami During Q1"}]},{"@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\/1004580130","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=1004580130"}],"version-history":[{"count":7,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004580130\/revisions"}],"predecessor-version":[{"id":1004580846,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004580130\/revisions\/1004580846"}],"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=1004580130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004580130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004580130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}