// OFFICE MARKET OVERVIEW
// DOWNTOWN OFFICE
// DOWNTOWN OFFICE HISTORICAL VACANCY
Miami
30%
30%
25%
FT. Lauderdale
Miami
West Palm Beach
FT. Lauderdale
Vacancy is at a fiveyear low in all three
Downtown office markets
in the Region and should
continue to decline as the
economy improves.
West Palm Beach
25%
20%
// DOWNTOWN
20%
15%
mi
FT. Lauderdale
15%
10%
West Palm Beach
500,000
400,000
10%
5%
300,000
0%5%
200,000
100,000
0%
500,000
The Downtown
Miami office market
has had five consecutive
of positive
absorption,
Miami yearsFT.
Lauderdale
West Palm Beach
totaling 287,000 square feet. This
Miami
accountsFT.
for Lauderdale
24.2 percent of theWest Palm Beach
Region’s CBD absorption in
that time.
400,000
500,000
300,000
400,000
200,000
300,000
100,000
OFFICE HISTORICAL
200,000 ABSORPTION
0
100,000
Miami
FT.
Lauderdale
West Palm Beach
-100,000
0
-200,000
-100,000
-300,000
-200,000
-400,000
-300,000
-400,000
0
-100,000
-200,000
Historical Rental rate chart
-300,000
Historical Rental rate chart
Palm Beach
Miami HISTORICAL
FT. Lauderdale
// DOWNTOWN OFFICE
RENTALWest
RATES
Miami
$45
FT. Lauderdale
-400,000
West Palm Beach
$40$45
$35$40
chart
Miami
$30$35
$25$30
$20$25
FT. Lauderdale
$15$20
Although asking
rents are still below
pre-recession highs, there
was strong rent growth
in 2014 for all three
Downtown markets.
West Palm Beach
$10$15
$5$10
$0 $5
$0
// 26