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LEASING REMAINS STEADY
Transaction volume totaled 6.5 million square feet (msf) during the last four quarters, on par with the 6.5 msf leased during 2017.
AVAILABILITY UP SLIGHTLY
South Florida’s overall availability rate, 17.1%, rose by 20 basis points during the first quarter of the year. The Class A availability rate increased by 90 basis points to 18.7%.
RENT INCREASES
The overall average asking rent in South Florida rose by 1.9% to $32.60 during the quarter, and by 2.8% year-on-year. The Class A rent also increased, ticking up by 1.2% in the quarter to $37.31 and has increased by 4.4% year-on-year.
SALES DOWN
Office property sales during the last six months (through February 2018) totaled $927 million, a 51% decrease compared to the previous six-month total of $1.9 billion.
"Availability has started to increase in certain areas. Larger leases have become more infrequent and an uptick in new construction is impacting the market. Nevertheless, rent for the very highestcaliber space in Brickell, Coral Gables and Downtown Fort Lauderdale remains at record levels, as these submarkets have more limited space options."
Bob Orban, Senior Vice President