Office Vacancy Rates Increased to 11% in Third Quarter

MIAMI-According to the CB Richard Ellis third quarter office market report, current economic conditions have resulted in overall vacancy rates of 11% in the Miami-Dade market, while lease rates have remained stable in most submarkets.

The largest vacancy increases have been in the Airport West submarket and in Miami Beach, where last year’s dotcom craze resulted in a construction boom and the largest office inventory in Miami-Dade county.

But the Brickell and Downtown submarkets, where class A lease rates are running as high as $38 per sf, have maintained high levels of occupancy. Overall gross lease rates are averaging $21.72 per sf.