MIAMI—Office vacancy rates continued to decline in most major US markets during the fourth quarter of 2013. So says CBRE.

“The Q4 2013 results for Miami's office market are very encouraging,” says Mary Jo Eaton, executive managing director of CBRE Florida. “While office has lagged other markets during the recovery, we are finally beginning to see signs of positive growth in this sector and a return to equilibrium that places landlords and tenants on equal footing.”

Nine of the 13 largest markets showed lower office vacancy, and 11 of the 13 markets saw higher average asking rents. Miami experienced the largest quarter-over-quarter decline in office vacancy of all the major US markets, shedding 80 bps to arrive at 16.6%. That's the lowest since 2010.