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Miami's Office Sector Stabilizes at Midyear

MIAMI-Q2 market reports say the county is heading toward equilibrium after years of rent growth and low vacancy.

By Crystal Proenza | Updated on July 17, 2008

(Crystal Proenza is associate editor of Real EstateFlorida.)

MIAMI-Local brokers assert that the city’s office market is returning to equilibrium after enjoying all-time low vacancy and record high rents for class A space. Overall vacancy reached 9.2% in the second quarter, according to CB Richard Ellis’ latest market research report.

That’s a full percentage point increase from this year’s first quarter, yet still well below the national average, brokers say. They maintain confidence that the market’s strong fundamentals keep Miami insulated from the nation’s economic turmoil.

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