Office Submarkets Are Up, Down and in Between

MIAMI-Two Miami-Dade County, office submarkets are showing improvement, while two submarkets are holding and one is declining, according to a newly released report by CB Richard Ellis.

In the plus column, the Brickell and Coral Gables submarkets are showing improvement, according to the report. In Brickell, declining sublease space is putting less downward pressure on direct rental rates, the report states. And while the direct vacancy rate is 19.4%, class A space is very desirable. And direct vacancy rates should start to drop as new product is well-received. In Coral Gables, leasing activity is focused in the class A product, which previously had experienced declining average asking rates. This submarket also is attracting attention of tenants in other submarkets that are willing to move if it makes sense economically.