South Florida Office Market Report
1Q23
| Average Asking Rent (Price/SF) | $42.43 |
| Vacancy Rate (%) | 14.4% |
| Net Absorption (SF) | 375,752 |
The Tri-County area recorded positive net absorption for the third consecutive quarter, each of which was greater than the last. Absorption totaled 375,752 square feet to start 2023. Nearly the entirety of that positive absorption was driven by Miami-Dade, which reported 430,484 square feet. Palm Beach was essentially neutral at 4,834 square feet, while Broward County was the only of the three South Florida markets to post negative absorption.
South Florida Industrial Market Report
1Q23
| Average Asking Rent (Price/SF) | $13.21 |
| Vacancy Rate (%) | 3.7% |
| Net Absorption (SF) | 1,374,475 |
The demand for industrial space in South Florida mirrors the trend across the country. Absorption in the first quarter of 2023 totaled 1.4 million square feet, up from 1.1 million square feet last quarter.