Institutional Investors Pick and Choose Across South Florida Office Markets

MIAMI – Strong retention efforts are leading to large renewals in Miami even as more tenants tour space. Meanwhile, office leasing activity is weakening across Broward’s key submarkets and Palm Beach’s southern and northern markets are strengthening industry clusters. So says the latest Jones Lang LaSalle market report.

Retention efforts are paying off for landlords, as some major renewals are inked in the Miami office market, including Norwegian Cruise Line’s 199,000-square-foot renewal, indicating that key corporate users are choosing to stay in Miami. While Miami’s total vacancy rate hovers at about 20%, existing office tenants are touring the market for space, such as accounting firm Marcum LLP, Morrison, Brown, Argiz & Farra, and HomeServe USA.