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Report: Miami Office Vacancy Rate to Peak This Year

MIAMI-This year's rate of 15.2% is expected to stay the same next year but then drop the next two years, according to a recently released Miami office market report by Jones Lang LaSalle. The report also forecasts that average gross rental rates in the Miami area office market will drop to $22.76 per sf.

By Melissa Bogdany | Updated on May 08, 2003

MIAMI-The Miami-area office market vacancy rate is expected to peak this year and stay the same next year, although it is forecast to stay below the national average at least through 2006, according to a first-quarter Miami office market report by Jones Lang LaSalle.

While nationally, the vacancy rate is projected to decline from 17% at the end of 2003 to 16% a year later, the Miami-area vacancy rate is expected to remain stable at 15.2% at the end of both 2003 and 2004. The report projects declines in the Miami vacancy rate to 14.3% at the end of 2005 and 14.1% at the end of 2006.

The vacancy rate in the central business district is anticipated to go from 13.3% at the end of last year to 16.8% at the end of this year, then drop to 16.4% at the end of 2004. This is a slightly different pattern than with the suburban vacancy rate, which is forecast to increase from 14.6% at the end of 2002 to 15.2% this year then grow again to 15.5% next year.

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