1Q2012 Office Market Stats

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The numbers have rolled in and things are looking a bit brighter for landlords.  They would like to crow about a strong recovery, but I would describe it as tepid at best.  Overall Miami-Dade had 125,000 sf of absorption and overall vacancy is at 19%.  Employment numbers continue to improve so it appears that we are slowly pulling ourselves out of the deep doldrums.  The healthiest submarkets are Aventura (10% vacancy) and Miami Beach (9% vacancy).  The weakest markets are the Biscayne Blvd. corridor (38% vacant) and Miami Lakes (27% vacant).  Coral Gables and Airport West are 15% and 19% vacant respectively.  The new construction downtown continues to weigh down that area with a 22% vacancy rate.  Until 600 Brickell leases up, this market will still show a high vacancy rate, however, much of the vacant space is consolidated in the newly completed buildings.

Here are the big lease transactions for the first quarter:

Tenant Sq Feet Submarket Transaction Type
Miami Herald
Media company
       153,436 Airport West Relocation
Bayview Financial
Financial Services
         85,075 Coral Gables Renewal
SABMiller
Beverage Company
         26,000 Brickell New
Charlee House
Non-profit
         25,000 Downtown Renewal
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