MIAMI—We're not at the bottom any more. South Florida's largest urban office markets are not only reporting increased leasing activity—some cities are pushing all-time pricing records. So says JLL's Spring 2014 Skyline Review.

Following four consecutive years of significant absorption, premium office space in Miami's Central Business District (CBD) are dwindling. At the same time, JLL is reporting five-year-low vacancy rates among Ft. Lauderdale's premier properties. Further north, top-tier trophy assets in West Palm Beach are posting 13.1% vacancy rate, as suburban companies seize the opportunity to enter the class A downtown market without breaking the bank.

An influx of new-to-market tenants, scarcity of premium space, and an overall lack of new construction planned are contributing to a shift towards a more landlord-favored market. The bottom line: it's a good time to own a trophy office building in South Florida.