{"id":1004588746,"date":"2022-07-07T05:14:49","date_gmt":"2022-07-07T13:14:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004588746"},"modified":"2022-12-08T12:40:28","modified_gmt":"2022-12-08T20:40:28","slug":"miamis-office-vacancy-slips","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miamis-office-vacancy-slips\/","title":{"rendered":"Miami\u2019s Office Vacancy Slips"},"content":{"rendered":"

\"\"<\/a>As of May, Miami\u2019s office vacancy hit 13.1 percent, down 280 basis point year-over-year, according to CommercialEdge<\/strong> data. The national average vacancy rate clocked in at 15.4 percent that month, virtually unchanged year-over-year.<\/p>\n

The Florida metro registered one of the largest drops in vacancy on a year-over-year basis across all markets and the largest among gateway cities. The Bay Area (-210 basis points), Boston (-210 basis points) and Washington, D.C. (-140 basis points) were also among those markets that saw office vacancies decrease through the past year.<\/p>\n

Prices are also up in Miami: the average listing rate reached $47.1 in May, up 8.8 percent year-over-year\u2014the third largest increase across all U.S. metros, only trailing Charlotte (14.3 percent) and Boston (9.8 percent).<\/p>\n

Some of the most significant lease agreements signed in May included medical research company Evolution Research Group <\/strong>signing a full-building commitment<\/a> at Quattro Miami, a four-building Class A office park in Miami\u2019s Airport West submarket. Quattro East, the building the new tenant will occupy, totals 75,000 square feet of Class A space.<\/p>\n

Later that month, tech company Kaseya<\/strong> inked a 42,872-square-foot lease<\/a> at Gatsby Florida<\/strong>\u2019s 800 Brickell property. The new tenant will occupy the top three floors of the Class A property.<\/p>\n

Brickell is one of the most popular choices for office tenants in the metro, reaching a 7.2 percent vacancy rate in May. Aventura (4.2 percent), Dadeland (7.2 percent) and Miami Gardens are the submarkets with the smallest vacancy rates, while Miami Beach (18.0 percent), Airport South (17.7 percent), Coral Gables\u2013Downtown (17.4 percent) and Miami North (22.8 percent) are on the other side of the spectrum.<\/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":"

The South Florida metro registered one of the biggest year-over-year drops in office vacancy 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":[21784,1492,21742,21747],"tags":[51047,50674],"class_list":["post-1004588746","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 Slips - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"In May, the Miami metro registered one of the biggest office vacancy drops year-over-year in the country, according to CommercialEdge.\" \/>\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-vacancy-slips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miami\u2019s Office Vacancy Slips\" \/>\n<meta property=\"og:description\" content=\"In May, the Miami metro registered one of the biggest office vacancy drops year-over-year in the country, according to CommercialEdge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/miamis-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=\"2022-07-07T13:14:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:40:28+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-vacancy-slips\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/miamis-office-vacancy-slips\/\",\"name\":\"Miami\u2019s Office Vacancy Slips - 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