Leasing activity for the fourth quarter in Miami's office sector has dropped 24 percent year-over-year to 3.7 million square feet, a report from Avison Young finds.

Also, absorption hit negative territory at -51,370 square feet. That comes despite strong demand earlier in the year; in the second quarter, nearly +200,000 square feet of space was absorbed.

Vacancy ticked up by 110 basis points versus levels seen 12 months ago, which Avison Young attributed to the market delivering 964,000 square feet of new office space in 2024.

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