Miami Q3 Vacancy Rate at 23%: Codina Realty Report

MIAMI-A newly released third quarter Miami-Dade County office market report paints an even grimmer picture of area vacancies than previous reports. Conducted by Codina Realty Services Inc. ONCOR International, the report states that the overall vacancy rate for the county was 23%, “and is not expected to correct itself this year.”

The main causes: more than one million sf of new space delivered and more than 400,000 sf returned to the market. These things “further added pressure to an already saturated marketplace,” it says. And the county has another 985,512 sf of office space under construction.

These factors also contributed to a negative year-to-date absorption rate of 913,906 sf. The report calls this a “sharp drop” from the positive 623,398 sf recorded last year and the 308,645 sf just last quarter.In fact, in the second quarter, the vacancy rate for the county grew 1.5% to 18%, according to a similar study by Cushman & Wakefield. This, however, is not a major concern to some area brokers.