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Report
 | 
Future Cities
New-to-Market Trends South Florida
CBRE RESEARCH
 | 
MARCH 2024
CBRE
The South Florida office market has evolved over the past four-years as new-to-market occupiers open up offices in the tri-county area. There has been 170 transactions totaling nearly 3 million square feet completed since 2020 in the market. Historically, new-to-market companies accounted for just 4% of annual leasing activity. 

As a result of the decline in premier space and limited new-to-market TIMs we anticipate that the new-to-market lease levels in 2023 will likely continue as our new normal in 2024. While large footprint tenants that can move the needle are slowing down, smaller tenants continue to be attracted to South Florida. 
Why South Florida?
No state income tax
Florida is one of the seven states in the US with no personal income tax

Pro business state
Florida added 7,300 jobs in FY2022 through incentives
Access to home grown talent
South Florida is home to four world class universities with combined under-graduate enrollment of more than 90,000 students 

Growth of tech talent
From 2017 to 2022, the tech degree graduates in South Florida by 37%, surpassing the SF Bay Area
Influx of capital 
South Florida had $5.5 billion in venture capital investment for 2022

Capital Market activity
More than $23.5 billion in capital market activity closed in 2022 in South Florida
New-to-Market Breakdown by County Highlights
Year
County
Transactions by new-to-market tenants
Square feet in total transaction volume
All leasing that is new-to-market
2023
Miami-Dade
12
251k
6%
Broward
0
0
0%
Palm Beach
2
28k
1%
2020-2022
Miami-Dade
89
1.6m
17%
Broward
24
403k
6%
Palm Beach
43
619k
12%
2010-2019
(10-year Average)
Miami-Dade
9
167k
5%
Broward
1
43k
2%
Palm Beach
3
37k
2%
Contact Us
Scott Goldstein
Senior Vice President
+1 305 260 2418
Scott.Goldstein@cbre.com
 
Keith Edelman
Senior Vice President
+1 305 260 2422
Keith.Edelman@cbre.com
 
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