REPORT: Miami Office Market Continues Positive Drive

Benefitting from foreign investment and Latin American influence, the Miami market continues to make incremental strides towards recovery, according to Transwestern’s Miami-Dade County Office Market Trends Report 2Q2013.
Overall, office vacancies of 20.3% have dropped 230 basis points in the last 18 months.
The return of organic, sustainable tenant growth bodes well for overall office market fundamentals. Market-wide average asking rates have inched up over the prior year to $30.65 per square foot, with even larger gains for buildings achieving an occupancy rate of above 90%.
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