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<\/a>Miami’s office market remained among the nation’s strongest, maintaining solid fundamentals despite the broader sector slowdown, according to Yardi Matrix data. The Magic City recorded one of the lowest vacancy rates in the country, helping the market maintain its resilience amid nationwide occupancy challenges.<\/p>\n\n\n\n
Investment activity improved, although Miami continued to trail several peer markets. Construction activity also remained elevated compared to other gateway cities, with the metro among just six of the top 25 U.S. office markets with pipelines exceeding 1 million square feet.<\/p>\n\n\n\n
As of August, Miami had 2.9 million square feet of office space under construction across 15 projects, ranking fourth nationally behind Manhattan (5.7 million square feet), Dallas (3.5 million square feet) and Boston (3.3 million square feet). The pipeline represented 3.5 percent of the metro\u2019s existing office stock, the highest share among the markets surveyed.<\/p>\n\n\n\n
Miami leads in office pipeline share<\/h2>\n\n\n\n
As for competitive office space, Miami had 2.2 million square feet under construction as of August, accounting for 3 percent of its existing inventory\u2014well above the 0.5 percent national average and the highest share among the top 25 U.S. office markets.<\/p>\n\n\n\n