art
4. REAL ESTATE OVERVIEW // OFFICE
// SUBURBAN OFFICE
While vacancy
hasn’t declined
as sharply as South
Florida’s CBDs, the
vacancy rate is at prerecession levels.
1,000,000
// OFFICE SUBURBAN HISTORICAL VACANCY
Miami
West Palm Beach
FT. Lauderdale
30%
Miami
FT. Lauderdale
West Palm Beach
800,000
25%
600,000
20%
In 2014, the
Suburban office
markets collectively
had their best year in
terms of absorption
gains in nearly a
decade
400,000
15%
200,000
10%
0
5%
-200,000
0%
-400,000
-600,000
-800,000
Historical Rental rate chart
Miami
30% FT. Lauderdale
25%
Miami
FT. Lauderdale
West Palm Beach
Miami
FT. Lauderdale
West Palm Beach
West Palm Beach
20%
$35
15%
$30
10%
$25
// OFFICE SUBURBAN HISTORICAL ABSORPTION
1,000,000
600,000
600,000
400,000
200,000
5%
$20
0%
$15
-200,000
$10
-400,000
0
// OFFICE
SUBURBAN HISTORICAL RENTAL RATES
$0
Miami
FT. Lauderdale
800,000
800,000
400,000
$5 Rental rate chart
Historical
1,000,000
Miami
-600,000
Miami
FT. Lauderdale
200,000
0
-200,000
-400,000
-600,000
-800,000
-800,000
West Palm Beach
$35
Miami $30 FT. Lauderdale
West Palm Beach
$25
$20
Suburban
asking rents
have been steadily
increasing since
their low points in
2010/2011
$15
$10
$5
$0
// 27
FT. Lauderdale
West Palm Beach
West Palm Beach