Why Florida

Office Market Snapshot Q1 2025

188.3 MSF Statewide Inventory

Miami/Dade

Broward

Palm Beach County

Tampa/Hillsborough

Pinellas County

Orlando

Jacksonville

DIRECT VACANCY RATE

YTD OVERALL NET ABSORPTION SF

200k

20.1 %

INVENTORY

RENTAL RATE

20.0 % 20.0%

143.2k

17.7 %

150k

16.7 %

15.2 %

14.6 %

14.5 %

100k

15.0 %

188.3 MSF TOTAL

$39.28 DIRECT WTD AVG PSF

12.7 %

36.6k

50k

10.0 %

1.6k

0k

−5.8k

5.0 %

−50k

39.5M Miami/Dade 26.4M Broward

$63.06 Miami/Dade $42.19 Broward

−62.1k

−100k

0.0 %

−103.2k

−105.8k

23.7M Palm Beach County 31.0M Tampa/Hillsborough 9.5M Pinellas County 36.7M Orlando 21.5M Jacksonville

$50.98 Palm Beach County $33.07 Tampa/Hillsborough $27.11 Pinellas County $27.11 Orlando $22.94 Jacksonville

OVERALL VACANCY RATE

YTD LEASING ACTIVITY SF

1.0M

25.0%

22.0 %

1.0M

21.0 %

18.5 %

20.0 % 20.0%

0.8M

17.0 %

16.1 %

0.6M

VACANT SPACE

15.4 %

0.6M

13.6 %

15.0 %

0.6M

0.5M

6.0M Miami/Dade 3.8M Broward 3.0M Palm Beach County 5.5M Tampa/Hillsborough 1.6M Pinellas County 5.4M Orlando 4.3M Jacksonville 29.6 MSF DIRECT

3.2 MSF SUBLEASE

10.0 %

0.4M

0.3M

250.0k 0.3M

0.2M

0.2M

5.0 %

0.0M

0.0 %

Miami/Dade

71.4k

404.9k Broward 222.8k Palm Beach County 1.0M Tampa/Hillsborough 167.3k Pinellas County 870.5k Orlando 414.0k Jacksonville

265.8 KSF Construction Completions

1.3 MSF Under Construction

Cushman & Wakefield | Why Florida