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STEADY TRACK FOR LEASING
Transaction volume totaled 6.6 million square feet (msf) during the last four quarters, on par with the 6.5 msf leased during the prior four quarters.
AVAILABILITY FLAT
South Florida’s overall availability rate was unchanged, remaining at 17.2%. The Class A availability rate increased by 10 basis points to 18.9%.
RENT RISES
The overall average asking rent in South Florida rose by 1.7% to $33.18 during the quarter, and by 5.9% year-on-year. The Class A rent also jumped, rising by 0.3% in the quarter to $37.54 and has increased by 5.6% year-on-year.
SALES DOWN
Office property sales during the last six months (through May 2018) totaled $1.2 billion, a 14% decrease compared to the previous six-month total of $1.4 billion.
"South Florida’s growing tech startup ecosystem and expanding coworking sector are growing hand in hand. Similarly, the region's first wave of transit-oriented developments is gaining traction."
Bob Orban, Senior Vice President