Why Florida

Office Market Snapshot Q3 2024 189.2 MSF Statewide Inventory DIRECT VACANCY RATE

YTD OVERALL NET ABSORPTION SF

19.6 %

458.9k

400k

16.7 %

15.9 %

14.9 %

14.8 %

14.5 %

15 %

DIRECT VACANT SPACE 29.3 MSF

SUBLEASE VACANT SPACE 3.6 MSF

179.8k

200k

11.5 %

6.9k

10 %

0k

−70.9k

−86.6k

5 %

−138.3k

−200k

−289.6k

6.4M Miami/Dade 3.8M Broward 2.7M

114.7k Miami/Dade 234.9k Broward 216.4k Palm Beach County 1.4M Tampa/Hillsborough 468.4k Pinellas County 787.4k Orlando 444.4k Jacksonville

0 %

Palm Beach County Tampa/Hillsborough

5.1M 1.5M

Pinellas County

OVERALL VACANCY RATE

YTD LEASING ACTIVITY SF

5.4M Orlando 4.3M Jacksonville

21.7 %

1.7M

21.1 %

19.4 %

1.5M

1.5M 1.5M

20 %

17.1 %

16.2 %

DIRECT WTD AVG RENTAL RATE $37.26 PSF

OVERALL WTD AVG RENTAL RATE $36.37 PSF

15.4 %

1.1M

15 %

12.5 %

1.0M

866.8k

802.2k

10 %

445.6k

0.5M

5 %

$55.69 Miami/Dade $41.45 Broward

$55.79 Miami/Dade $41.23 Broward

0 %

0.0M

$45.72 Palm Beach County $31.40 Tampa/Hillsborough $26.18 Pinellas County $27.42 Orlando $22.72 Jacksonville

$45.76 Palm Beach County $32.63 Tampa/Hillsborough $26.43 Pinellas County $27.20 Orlando $22.87 Jacksonville

Construction

Miami/Dade

Broward

731.9 KSF 2.0 MSF

Tampa/Hillsborough

Palm Beach County

CONSTRUCTION COMPLETIONS

UNDER CONSTRUCTION

Pinellas County

Orlando

Jacksonville

Cushman & Wakefield | Why Florida