4Q23 FL Office - Stat Sheet

First page Table of contents 1 Last page

FLORIDA OFFICE MARKET STATISTICS 4Q2023

Direct

Sublease Available

Y-o-Y % PT.

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

Available

Direct

Number Buildings

Overall

Wtd. Avg.

Leasing Activity

Overall Net Absorption

Construction Completions

Under

Inventory

Space

Vacancy Rate

Change

Rental Rates

Construction

Change

Miami/Dade

291 39,428,320 293 26,265,511 301 23,173,011 260 31,012,785 137 10,548,980 411 36,268,024 242 21,946,746 1,935 188,643,377

5,782,215 4,171,889 2,356,976 5,313,730 1,666,199 5,191,225 3,924,841

126,076 14.7% 15.0% -0.7% $51.25 $51.20 456,588 15.9% 17.6% 0.0% $39.31 $38.99 333,449 10.2% 11.6% 1.3% $45.80 $46.21 1,493,178 17.1% 21.9% -0.3% $32.28 $31.09 15.8% 16.4% 0.5% $25.89 $25.87 444,897 14.3% 15.5% 2.3% $26.71 $26.89 431,251 17.9% 19.8% 0.0% $22.83 $22.62 60,820

7.4% 2,404,175 2.7% 1,540,898 5.9% 1,292,637 1.7% 2,207,321 2.8% 2,083,318 -1.0% 1,179,049 3.3% 11,418,990 -0.6% 711,592

-39.2% 26,176 -35.5% 78,807 -31.1% 7,606 -24.2% -108,269 13.3% -31,860 -9.6% -20,301 -27.3% -4,623 -27.2% -52,464

89,502 46,678 1,670,809

Broward

-33,909 -360,775

0 0

Palm Beach County Tampa/Hillsborough Pinellas County

675,910

29,708 75,000 131,790

-163,053

45,000

Orlando

-538,597 347,620 300,000

Jacksonville

-20,209

28,407,075 3,346,259 15.1% 16.8% 0.4% $35.60 $35.07

-997,333 469,298 2,823,509

FLORIDA TOTAL

Direct

Sublease Available

Y-o-Y % PT.

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

Construction Completions

Under

Wtd. Avg.

Leasing Activity

Overall Net Absorption

Number Buildings

Available

Direct

Overall

Space

Vacancy Rate

Change

Rental Rates

Change

Construction

Inventory

CBD Miami/Dade

17.9% 6.0% 11.5% 0.8% 5.0% 4.0% 0.4% 7.3%

704,861 324,248 133,187 431,630 113,132 271,677 291,321

-56.2% 60,995 -33.0% 54,648 -27.3% 23,017 -11.4% -24,211 -27.7% 13,495 -25.8% 10,187 -42.0% 137,232 -59.6% -899

17,289 82,084 -60,976 123,992 -30,770 -41,361 -41,545 48,713

0 0 0 0 0 0 0

766,155

36 38 29 23 17 43 33

12,483,055 5,648,528 3,756,079 6,714,449 2,030,240 7,186,853 7,090,469

1,565,758 873,883 363,792 796,701 137,329 953,032 1,607,305 6,297,800

32,068 63,824 71,159 87,492 16,918 84,585

12.5% 12.8% -1.4% $66.90 $66.80 15.5% 16.6% -1.5% $50.07 $50.11 9.7% 11.6% 1.6% $64.63 $64.90 11.9% 13.2% -1.7% $41.23 $41.01 6.8% 7.6% 1.6% $34.39 $33.57 13.3% 14.4% 0.5% $30.76 $30.64

Broward

Palm Beach County Tampa/Hillsborough Pinellas County

585,007

45,000

Orlando

0 0

Jacksonville

121,225 22.7% 24.4% 0.6% $23.57 $23.56 477,271 14.0% 15.1% -0.4% $43.95 $43.67

219 44,909,673

2,270,056

630,007

TOTAL

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

Direct

Sublease Available

Y-o-Y % PT.

Number Buildings

Available

Direct

Overall

Wtd. Avg.

Leasing Activity

Overall Net Absorption

Construction Completions

Under

Inventory

Space

Vacancy Rate

Construction

Change

Rental Rates

Change

NON-CBD Miami/Dade

94,008 15.6% 16.0% -0.4% $45.11 $45.11 392,764 16.0% 17.9% 0.4% $35.99 $35.68 262,290 10.3% 11.6% 1.2% $42.37 $42.92 1,405,686 18.6% 24.4% 0.2% $30.98 $29.83 17.9% 18.5% 0.2% $25.21 $25.19 360,312 14.6% 15.8% 2.8% $25.84 $26.14 310,026 15.6% 17.7% -0.1% $22.36 $22.07 43,902

2.9% 1,699,314 0.2% 1,216,650 5.0% 1,159,450 2.0% 1,775,691

-27.5% -34,819 -36.2% 24,159 -25.1% 8,505 -23.4% -131,286 19.6% -7,649 -6.1% -33,796 -27.7% -14,810

72,213 46,678 904,654

255 26,945,265 255 20,616,983 272 19,416,932 237 24,298,336 368 29,081,171 209 14,856,277 1,716 143,733,704 120 8,518,740

4,216,457 3,298,006 1,993,184 4,517,029 1,528,870 4,238,193 2,317,536

Broward

-115,993 -299,799

0 0

Palm Beach County Tampa/Hillsborough Pinellas County

90,903

-94,284 75,000 131,790

-1.7%

598,460

-132,283

Orlando

-497,236 347,620 300,000

2.7% 1,811,641

Jacksonville

21,336

-1.6% 2.0%

887,728 9,148,934

22,109,275 2,868,988 15.4% 17.4% 0.7% $33.16 $32.72

-22.3% -189,696 -1,046,046 469,298 1,427,347

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

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.

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