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 |
