NEW-Miami Occupier and Pricing Trends_C&W Q3 2023 RFS

MARKET HIGHLIGHTS For the second consecutive quarter, the office market saw a slight correction as supply outpaced demand, posting negative absorption of more than 55,000 sf of returned office space to the market in Q3. Despite economic headwinds, year-to-date (YTD) absorption remained in the black with 29,000 sf of absorbed space so far in 2023. Occupancy gains were led by the suburban submarkets with over 68,000 sf of YTD net absorption gains, while Miami’s CBD recorded nearly 40,000 sf of negative net absorption through the close of Q3.

MIAMI CLASS A UNDER CONSTRUCTION ACTIVITY, Q3 2023 SF

700,000

600,000

500,000

400,000

300,000

200,000

100,000

0

Brickell (CBD)

NE Dade

Biscayne

Miami Beach

SUBURBAN CONSTRUCTION (SF)

CBD CONSTRUCTION (SF)

MIAMI HISTORICAL DELIVERIES, 2013-Q3 2023 SF

SF

0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000

MIAMI UNDER CONSTRUCTION HISTORICAL TRENDS, 2013 - Q3 2023

SF

2,500,000

2,000,000

1,500,000

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

1,000,000

A B

500,000

CLASS B

CLASS A

0

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

CLASS B

CLASS A

Cushman & Wakefield of Florida, LLC. / 2