Why Florida

Office Market Snapshot Q2 2024 188.6 MSF Statewide Inventory DIRECT VACANCY RATE

YTD OVERALL NET ABSORPTION SF

19.9 %

264.5k

16.9 %

200k

15.5 %

15.3 %

14.7 %

14.7 %

15 %

DIRECT VACANT SPACE 29.2 MSF

SUBLEASE VACANT SPACE 3.9 MSF

100k

55.8k

11.6 %

10 %

0k

−8.2k

−100k

−83.8k

5 %

−92.4k

−100.4k

−200k

−202.5k

6.0M Miami/Dade 3.9M Broward 2.7M

121.6k Miami/Dade 346.3k Broward 283.4k Palm Beach County 1.5M Tampa/Hillsborough 491.4k Pinellas County 772.6k Orlando 416.7k Jacksonville

0 %

Palm Beach County Tampa/Hillsborough

5.2M 1.6M

Pinellas County

OVERALL VACANCY RATE

YTD LEASING ACTIVITY SF

5.4M Orlando 4.4M Jacksonville

21.8 %

1.1M

21.7 %

1.1M

20.2 %

1.0M

20 %

1000k

16.8 %

16.0 %

15.6 %

DIRECT WTD AVG RENTAL RATE $36.60 PSF

OVERALL WTD AVG RENTAL RATE $35.80 PSF

800k

15 %

693.2k

12.8 %

639.6k

582.0k

600k

10 %

400k

311.4k

5 %

200k

$54.74 Miami/Dade $40.81 Broward

$54.85 Miami/Dade $40.54 Broward

0 %

0k

$46.39 Palm Beach County $30.99 Tampa/Hillsborough $25.77 Pinellas County $27.39 Orlando $22.66 Jacksonville

$46.12 Palm Beach County $32.22 Tampa/Hillsborough $25.91 Pinellas County $27.23 Orlando $22.82 Jacksonville

Construction

Miami/Dade

Broward

167.8 KSF 2.5 MSF

Tampa/Hillsborough

Palm Beach County

CONSTRUCTION COMPLETIONS

UNDER CONSTRUCTION

Pinellas County

Orlando

Jacksonville

Cushman & Wakefield | Why Florida