Miami-Dade County's office market strengthened over the past year, with vacancy rates declining and rents climbing across both premium and budget segments, according to a Savills report.
Office vacancy in the county dropped to 14.6 percent, falling 1.2 percentage points year over year. Average asking rents rose to $68.50 per square foot, reflecting tighter market conditions and increased tenant demand.
The improvement benefited landlords across the entire spectrum. High-end office spaces and more affordable options both experienced positive rental growth. The declining vacancy rate indicates stronger absorption of available space, suggesting sustained tenant interest in Miami-Dade as an office destination.
The market's strength comes as Miami-Dade continues to attract corporate relocations and expansions. The combination of lower vacancy and higher asking rents demonstrates the market's recovery and ongoing appeal to businesses seeking office space in South Florida.