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South Florida Quarterly Figures | Q3 2023 Round-Up
South Florida Office Market Quarterly Figures
 Q3 2023 Round-Up
CBRE
CBRE RESEARCH | OCTOBER 2023
  
Florida's commercial real estate markets entered 2023 riding a wave of strong tenant demand and rising rents - this is particularly true for the state's South Florida's office markets. However, activity through the first three quarters returned to levels of normalcy seen prior to the pandemic.


For a deeper dive into each of South Florida's office markets, check out the reports below:
Miami Office Figures Q3 2023
  • Net absorption for Q3 2023 totaled over 43,000 sq.ft., with the majority occurring in Brickell and Airport/Doral. With a particular emphasis on Class A space as tenants continue the flight-to-quality trend. These two submarkets accounted for 46% of all absorption in Q3 2023
     
  • Class A availability across Miami slightly decreased 20 bps to 20.8% y-o-y with the largest changes coming from Coconut Grove, decreasing 770 bps y-o-y to 8.0% and Downtown Miami falling 1,730 bps y-o-y to 21.7% for Downtown Miami this is a level not seen since 2016 which is impressive considering there was over 1 million sq.ft. less of Class A inventory at that time. 
Fort Lauderdale Office Figures Q3 2023
  • The flight to quality continues. Among buildings built since 2000, direct vacancy is just 13.4%*. This is 340 basis points below the average in the market. 
     
  • Sublease availability increased of 20.4% compared with year-end 2022; however, it is still 22.4% lower than the peak levels seen in Q2 2021 at 3.3%.
     
  • Tenant deal terms have remained relatively flat among Class A buildings in the market. 
Palm Beach Office Figures Q3 2023
  • Market fundamentals have slowed but remain positive with rent growth of 3.0% and total vacancy down 30 bps y-o-y to 14.3%
     
  • Active tenant requirements are down compared with last year as new-to-market returns to normal.
     
  • The office market in Delray is primed for growth with no Class A vacancy and two new buildings currently under-construction.
For more information, please contact:
Scott
Goldstein
Senior Vice President
+1 305 260 2418
+1 305 968 8854
scott.goldstein@cbre.com
Keith
Edelman
Senior Vice President
+1 305 260 2422
+1 954 242 9080
keith.edelman@cbre.com
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