MIAMI—Miami-Dade County's office market saw nearly 1 million square feet of positive absorption in 2012. That points to significant improvements in its underlying market fundamentals.

As a result of its strongest year, at least in terms of yearly absorption, since 2005, the overall
vacancy rate closed the 2012 calendar year at 21%, 70 basis points lower than a year prior. So says Transwestern's Office Market Trends for the fourth quarter of 2012.

“The positive absorption numbers at the end of last year indicated a healthy finish to an uncertain year and pointed towards a positive 2013 and beyond,” Eric Groffman, senior vice president with Transwestern, tells GlobeSt.com. “Although many of the economic factors are still uncertain, positive absorption through new to market tenants, expansions and rental rate growth are highly encouraging.”