The Miami-Dade County office market continued to attract new businesses in the second quarter. A new market report from Colliers shows the area recorded 248,000 square feet of positive absorption in the second quarter, pushing the vacancy rate down 10 basis points. Most new leases were completed in the central business district in newly delivered buildings.
The market has a construction pipeline of 3.7 million square feet, and 301,000 square feet of new supply delivered into the market in the second quarter. As a result, rental rates have also increased 11.9% to $43.44 per square foot, direct full-service. For class-A space, the rental rate is $50.11, and Colliers predicts rents will continue to growth through the end of the year.