WRE News: South Florida’s Office Market Booms Despite National Trends

Miami, FL – April 21, 2024 -While the national office market faces challenges, South Florida stands out with a thriving office space scene, particularly in Brickell and Miami Beach where annual asking rents exceed $74 per square foot.

According to Cushman & Wakefield, rental rates in Miami-Dade County surged by 9.1% to $53.53 per square foot in the first quarter. Brickell, in particular, showcases remarkable statistics with a mere 5.7% vacancy rate and average rents soaring to $102.39 per square foot, marking a 21.1% increase from the previous year.

This surge in rates has landlords delighted, reflecting the strong demand for office spaces. Despite a slight downturn in Broward County, South Florida’s overall leasing volume remains robust, contrasting with the nationwide distress of $54.7 billion in office properties.