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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