Why South Florida

Office Market Snapshot Q1 2024 88.6 MSF Aventura Miami Lakes 95 MIAMI LAKES MIAMI

BROWARD

PALM BEACH

South Florida

826

Northeast Dade NORTHEAST DADE

CLASS A CLASS B 47.2 MSF 41.4 MSF

924

27

826

Airport East / Central Dade AIRPORT EAST/ CENTRAL DADE

95

Biscayne BISCAYNE

27

Miami Beach MIAMI BEACH

Wynwood / Biscayne / Design District

Airport West AIRPORT WEST

195

195

Miami International Airport

East Coast Bu er Water Preserve Area

Class A Spotlight

95

826

836

836

Downtown CBD CBD

Coral Way CORAL WAY

Coral Gables

CORAL GABLES

Coconut Grove COCONUT GROVE

MIAMI-DADE

South Miami SOUTH MIAMI

NE 14TH ST

1

R C S W Y

H U

R T

C A

NE 13TH ST

M A

NW 13TH ST

39.5 MSF Inventory

15.4% Overall Vacancy

$53.53 Overall Rent (FS PSF)

NW 3RD AVE

395 395

NW 12TH ST

NW 11TH ST NW 11TH TER

METROMOVER ELEVENTH STREET STATION

NE 7TH ST EVAIMAIMHTUOS EVAIMAIMHTRON N D I S T R I B U T O R METROMOVER FREEDON TOWER STATION METROMOVER PARK WEST STATION METROMOVER COLLEGE NORTH STATION METROMOVER THIRD STREET STATION METROMOVER RIVERWALK STATION NE 4TH ST NE 2ND ST NE 1ST ST

NW 10TH ST

A Y N E B L V D

NW 9TH ST

NW 8TH ST

B I S C

METRORAIL HISTORIC OVERTOWN / LYRIC THEATER STATION

P O

R

T

B L

V D

NW 6TH ST

METROMOVER ARENA / STATE PLAZA STATION

Kendall / South Dade KENDALL/ SOUTH DADE

NW 5TH ST

95 95

METROMOVER COLLEGE /

BAYSIDE STATION

SE 1ST AVE DOWNTOWN

NW 1ST AVE

NW 2ND AVE

NW 3RD ST

METROMOVER GOVERNMENT

METRORAIL GOVERNMENT

CENTER STATION

CENTER STATION

METROMOVER FIRST STREET STATION

SE 2ND AVE

EAST FLAGLER ST

METROMOVER MIAMI AVENUE STATION

WEST FLAGLER ST

NORTH RIVER DR

SE 1ST ST

CHOPIN PL

SE 2ND ST

SW 3RD ST

D O W N T O W

METROMOVER BAYFRONT PARK STATION

SW 3RD ST

METROMOVER KNIGHT CTR STATION

B I S C A Y N E B L V D W A Y

METROMOVER FIFTH STREET STATION

SE 5TH ST SE 6TH ST

SW 7TH ST

METROMOVER EIGHTH STREET STATION

SW 8TH ST

BRICKELL

BR I CKELL A V E

B R I C

R

Y D

K E

L

K

E L

SW 9TH ST

SW 1ST AVE

SW 10TH ST

Biscayne Bay

METROMOVER TENTH STREET STATION

B R

SW 3RD AVE

SW 4TH AVE

I C K E

SW 11TH ST

METRORAIL BRICKELL STATION

1

L

L B

METROMOVER BRICKELL STATION

A

Y

SW 12TH ST

D R

SE 12TH ST SE 13TH TER

SW 13TH ST

SE 13TH ST

SW 2ND AVE

SE 14TH ST

SW 12TH ST

METROMOVER FINANCIAL

BROADWAY

DISTRICT STATION

SE 14TH T

E

R

BROWARD

SW 1ST AVE

26.2 MSF Inventory

16.8% Overall Vacancy

$39.85 Overall Rent (FS PSF)

Supply & Demand South Florida

Overall Rental & Vacancy Rates South Florida

10.0M

$50.00

18.0%

14.0% 16.0%

$48.00

8.0M

$46.00

12.0%

$44.00

6.0M

10.0%

$42.00

PALM BEACH

8.0%

4.0M

$40.00

6.0%

22.9 MSF Inventory

11.7% Overall Vacancy

$46.29 Overall Rent (FS PSF)

$38.00

4.0%

2.0M

$36.00

2.0%

-

$34.00

0.0%

2019

2020

2021

2022

2023

YTD 2024

2019

2020

2021

2022

2023

YTD 2024

(2.0M)

Leasing Activity

Construction Completions

Overall Absorption

Overall Rental Rate

Overall Vacancy

Cushman & Wakefield | Why South Florida

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