4Q23 FL Class A Office - Stat Sheet

First page Table of contents 1 Last page

FLORIDA CLASS A OFFICE MARKET STATISTICS 4Q 2023

Direct

Sublease Available

Y-o-Y

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

Number Buildings

Available

Direct

Overall

Wtd. Avg.

Leasing Activity

Overall Net Absorption

Overall Net Absorption -7,501 36,617

Construction Completions

Under

Inventory

Space

Vacancy Rate

Change

Rental Rates

Change

Construction

Miami/Dade

115 22,009,380 105 15,248,480

3,523,926 2,476,681 1,003,470 3,178,266 1,030,072 3,237,527 2,049,051 16,498,993

84,094 228,489 174,765 905,087 57,620 404,297 158,095

16.0% 16.4% -0.1% $56.98 16.2% 17.7% -0.5% $43.52 9.9% 11.6% 2.1% $52.12 17.3% 22.2% -0.3% $35.35 16.4% 17.3% 3.2% $27.25 14.9% 16.8% 2.5% $29.00 18.7% 20.2% -1.1% $24.76 15.8% 17.7% 0.6% $39.15

$56.87 7.4% 1,679,401 -33.0% -62,982 $43.31 3.9% 819,112 -42.1% 60,341 $52.43 4.2% 748,046 -26.0% 10,811 $33.81 0.0% 1,429,098 -24.7% -31,429 $27.16 -2.9% 396,736 -12.4% -64,415 $29.12 1.9% 1,240,319 -16.2% 118,264 $24.72 0.2% 524,623 -40.1% 72,984 $38.48 2.5% 6,837,335 -29.1% 103,574

46,678 1,341,809

Broward County

0 0 0 0

Palm Beach County 100 10,131,243 Tampa/Hillsborough 98 18,403,618

-256,498 65,623 -200,308

675,910 131,790 45,000

Pinellas County

6,295,165

Orlando

161 21,701,403 69 10,940,668 700 104,729,957

-246,864 347,620 300,000

Jacksonville

120,412

2,012,447

-488,519 394,298 2,494,509

FLORIDA TOTAL

Direct

Sublease Available

Y-o-Y

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

Number Buildings

Available

Direct

Overall

Wtd. Avg.

Leasing Activity

Overall Net Absorption

Construction Completions

Under

Inventory

Space

Vacancy Rate

Change

Rental Rates

Change

Construction

CBD Miami/Dade

18 20

8,525,731 4,799,737 1,917,834 4,814,313 1,534,509 5,371,716 5,480,845

1,040,012 784,755 145,360 643,245 105,262 654,878 1,188,433 4,561,945

22,476 59,854 30,708 84,823 16,918 81,007 121,225

12.2% 12.5% -0.6% $72.97 16.3% 17.6% -1.8% $51.45 7.6% 9.2% 0.6% $76.45 13.4% 15.1% -2.3% $43.37 6.9% 8.0% 1.1% $37.09 12.2% 13.7% 0.3% $31.29 21.7% 23.9% 0.6% $24.32 14.1% 15.3% -0.5% $45.72

$72.73 11.0% 605,405 -48.5% 55,375 $51.51 5.9% 282,074 -35.1% 53,969 $42.88 -1.4% 351,244 -26.9% 23,598 $35.57 8.2% 102,760 -18.5% -27,377 $31.13 2.8% 200,945 -32.7% 11,154 $24.29 0.4% 164,933 -55.6% 12,409 $45.12 4.8% 1,777,961 -42.8% 146,910 $77.27 14.0% 70,600 -68.5% 17,782

47,177 86,186 -10,448 108,098 -16,211 -14,994 -31,240 168,568

0 0 0 0 0 0 0

766,155

Broward County Palm Beach County

585,007

Tampa/Hillsborough 13

Pinellas County

45,000

Orlando

21 13

0 0

Jacksonville

100 32,444,685

417,011

1,396,162

TOTAL

Direct

Sublease Available

Y-o-Y

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

Number Buildings

Available

Direct

Overall

Wtd. Avg.

Leasing Activity

Overall Net Absorption

Construction Completions

Under

Inventory

Space

Vacancy Rate

Change

Rental Rates

Change

Construction

NON-CBD Miami/Dade

97 13,483,649 85 10,448,743

2,483,914 1,691,926 858,110 2,535,021 924,810 2,582,649 860,618 11,937,048

61,618 168,635 144,057 820,264 40,702 323,290 36,870

18.4% 18.9% 0.3% $49.62 16.2% 17.8% 0.2% $39.36 10.4% 12.2% 2.4% $47.55 18.7% 24.7% 0.3% $33.72 19.4% 20.3% 3.9% $26.35 15.8% 17.8% 3.2% $28.27 15.8% 16.4% -2.8% $25.31 16.5% 18.7% 1.1% $36.47

$49.54 5.2% 1,073,996 -19.5% -118,357 $39.10 0.8% 537,038 -45.2% 6,372 $48.19 3.5% 677,446 -13.9% -6,971 $32.14 0.6% 1,077,854 -24.0% -55,027 $26.27 -4.2% 293,976 -10.0% -37,038 $28.54 1.5% 1,039,374 -12.0% 107,110 $25.26 0.0% 359,690 -28.7% 60,575 $35.91 1.4% 5,059,374 -22.5% -43,336

-54,678 46,678 575,654

Broward County

-49,569 -246,050 -42,475 -184,097

0 0 0 0

Palm Beach County 92

8,213,409

90,903 131,790

Tampa/Hillsborough 85 13,589,305

Pinellas County

4,760,656

Orlando

140 16,329,687

-231,870 347,620 300,000

Jacksonville

5,459,823

151,652

600 72,285,272

1,595,436

-657,087 394,298 1,098,347

TOTAL

* Overall figures include sublease and direct space.

Note: Cushman & Wakefield is continuously refining its database. Due to adjustments made to the inventory, vacancy & leasing activity which affects absorption, current figures may not match what was published previously. Historical data has been adjusted to take in account these changes. This report contains information available to the public and has been relied upon by Cushman & Wakefield on the basis that it is accurate and complete. Cushman & Wakefield accepts no responsibility if this should prove not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. Copyright @ 2022 Cushman & Wakefield, Inc. All rights reserved. Note: Cushman & Wakefield is continuously refining its database. Due to adjustments made to the inventory, vacancy & leasing activity which affects absorption, current figures may not match what was published previously. Historical data has been adjusted to take in account these changes

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