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Availability and asking rents trend upward in most submarkets
Availability in South Florida increased over the year with overall availability up 40 basis points from Q1 2018 to 17.0%. Class A availability followed the same trend, also seeing a 40-basis-point increase over the same period to 18.2%. Overall availabilities range from 10.8% in South Dade to 24.1% in Downtown Miami. Opportunities expanded notably in the Southwest Broward, Northeast Dade and Coral Gables/Grove submarkets where availability increased by 840 basis points, 180 basis points, and 90 basis points, respectively. Asking rents have seen a slight increase over the year, with overall asking rent ticking up 3.7% to $33.82 per square foot (psf). Class A asking rents saw a 3.3% increase over the same period, now at $38.47 psf.