{"id":1004581719,"date":"2022-05-26T05:10:54","date_gmt":"2022-05-26T13:10:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004581719"},"modified":"2022-12-08T21:18:11","modified_gmt":"2022-12-09T05:18:11","slug":"miamis-office-vacancy-holds-steady","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miamis-office-vacancy-holds-steady\/","title":{"rendered":"Miami\u2019s Office Vacancy Holds Steady"},"content":{"rendered":"

\"\"<\/a>As of April, Miami\u2019s office vacancy reached 13.5 percent, up 70 basis points since March, according to CommercialEdge<\/strong> data.<\/p>\n

The Magic City had one of the biggest year-over-year decreases in office vacancy<\/a> nationwide and registered a 200 basis-point drop since April 2021. Markets that have registered larger year-over-year changes than Miami include Phoenix (-360 basis points), the Bay Area (-320 basis points), Boston (-240 basis points), Portland (-230 basis points) and the Twin Cities (-210 basis points).<\/p>\n

Miami\u2019s average listing rate that month reached $47.8, up 10.9 percent since the same period last year\u2014the second-largest year-over-year increase across all U.S. markets, after Charlotte (12.2 percent). The national average listing rate that month was $37.4, down 2.5 percent since the same period last year. In April, the south Florida metro\u2019s vacancy rate was third-smallest among gateway cities in April, tailing Boston (9.8 percent) and Los Angeles (12.9 percent), while Manhattan (14.2 percent), Seattle (15.7 percent) and Washington, D.C. (15.2 percent) bore higher rates.<\/p>\n

Miami\u2019s submarkets have a wide range of availability, with office vacancy ranging between 5.2 and 24.4 percent. The submarkets that hit the highest vacancies in April include Miami North (24.4 percent), the CBD (18.6 percent), Miami Beach (18.0 percent) and Coral Gables\u2013Downtown (17.7 percent). Oppositely, Aventura (5.2 percent), Dadeland (7.3 percent) and Brickell (7.8 percent) recorded the lowest rates.<\/p>\n

CommercialEdge<\/a> 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 Magic City recorded one of the largest year-over-year drops in vacancy across all U.S. markets.<\/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-1004581719","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\u2019s Office Vacancy Holds Steady<\/title>\n<meta name=\"description\" content=\"Miami had one of the largest year-over-year decreases in office vacancy across all U.S. markets, recording a 13.5 percent rate in April.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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