Improving market fundamentals have had a direct effect on vacancies in the Miami multi-tenant office market, which recorded 20.9% in the first quarter of 2013, an improvement of 150 basis points from the previous year, according to Transwestern’s 1Q2013 Miami Office Market Report.
Overall, Class B product is outperforming Class A inventory in terms of vacancy averages, currently at 20.4% and 21.2%, respectively. However, Class A leasing activity was slightly stronger in the first quarter, adding nearly 150,000 square feet of occupancy versus 113,000 square feet of Class B space, indicating that the gap between Class A and B vacancies is closing.
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