Why Florida - CW 2023 Q2 RFS
Office Market Snapshot Q2 2023 188.8 MSF Statewide Inventory DIRECT VACANCY RATE 16.6 % 16.1 %
OVERALL NET ABSORPTION SF
17.4 %
341.6k
300k
15 % 14.9 %
14.6 %
200k
12.7 %
DIRECT VACANT SPACE 27.5 MSF
SUBLEASE VACANT SPACE 4.0 MSF
54.7k
54.1k
100k
9.7 %
9.6k
10 %
0k
−100k
−102.2k
5 %
−200k
−300k
−284.3k
−330.4k
5.9M Miami/Dade 4.3M Broward 2.3M Palm Beach County 5.0M Tampa/Hillsborough 1.6M Pinellas County 4.6M Orlando 3.8M Jacksonville
198.9k Miami/Dade 392.3k Broward 386.0k Palm Beach County 1.8M Tampa/Hillsborough 164.1k Pinellas County 634.6k Orlando 455.8k Jacksonville
0 %
OVERALL VACANCY RATE
LEASING ACTIVITY SF
21.7 %
1.2M
1.1M
19.5 %
20 %
18.1 %
923.9k
1000k
16.2 %
DIRECT WTD AVG RENTAL RATE $35.48 PSF
OVERALL WTD AVG RENTAL RATE $34.80 PSF
15.4 %
804.9k 779.4k
14.4 %
15 %
800k
11.4 %
600k
10 %
438.4k
400k
198.7k
5 %
200k
$50.61 Miami/Dade $38.35 Broward
$50.44 Miami/Dade $38.24 Broward
0 %
0k
$45.19 Palm Beach County $30.58 Tampa/Hillsborough $25.21 Pinellas County $26.46 Orlando $22.76 Jacksonville
$45.17 Palm Beach County $31.89 Tampa/Hillsborough $25.19 Pinellas County $26.29 Orlando $22.88 Jacksonville
Construction
Miami/Dade
Broward
190.4 KSF 3.0 MSF
Tampa/Hillsborough
Palm Beach County
CONSTRUCTION COMPLETIONS
UNDER CONSTRUCTION
Pinellas County
Orlando
Jacksonville
Cushman & Wakefield | Why Florida
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