Local initiatives to attract new businesses to Miami-Dade County have the potential to boost office occupancy.
Marcus & Millichap projects that the Miami-Dade job total will rise 4% in 2021 after losing 105,600 positions last year. Office-using headcount should increase by 4.3%.
Boosting this growth will be the Follow the Sun campaign, which incentivizes business relocations via annual payments of up to $50,000, according to M&M. While companies like Subway, Blackstone, Royal Caribbean and Starwood Capital have made space commitments to the area, nearly 1.8 million square feet arriving in 2021 could be a limiting factor in the near term.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
