Miami-Dade Office Market Soft in Q1

MIAMI-The Miami-Dade County office market is soft, with the overall vacancy rate and sublease availabilities increasing, and net absorption remaining negative, according to Cushman & Wakefield’s first quarter office overview for the county.

The overall vacancy rate in the county for that period continued to rise, by 0.6% to 18.6% since the end of the year and by 2.4% in the last year. Most of the county’s submarkets experienced these hikes.

For example, the overall vacancy rate in the central business district rose by 1.4% to 17.4%–the highest since 1997. The vacancy rate is even higher–17.8%–and expected to grow in the Brickell Avenue submarket with two construction completions and Dresdner Bank’s vacating 63,105 sf at 801 Brickell Ave.