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LEASING FELL SLIGHTLY
Transaction volume fell slightly, decreasing from 1.6 million square feet (msf) to 1.5 msf, increasing from the long-term historical average by 5%. Leasing during the four most recent quarters totaled 6.3 msf, just below the 6.6 msf leased during the prior four quarters.
AVAILABILITY FLAT
South Florida’s overall availability rate ticked down by eight basis points from 17.23% to 17.15%. The Class A availability rate inched down by 20 basis points from 18.9% to 18.7%.
RENT PUSHES HIGHER
The overall average asking rent in South Florida jumped by 1.6% to $33.70 per sf and has increased by 7.0% year-on-year. The Class A average rent increased by 2.1% to $38.33 and has also posted a 7.0% yearon-year spike.
SALES DOWN
Office property sales during the first seven months of the year totaled $1.8 billion, a 6.5% decrease compared to the first seven months of 2017.
"Asking rent continues to push higher across most of the region. Developers are introducing new projects along the Brightline, as well as on infill sites in areas such as Hallandale Beach and Sunny Isles that will offer some unique opportunities."
Bob Orban, Senior Vice President