August 10, 2016
New reports show the number of speculative office projects in Miami is starting to kick off, despite the flattening vacancy rate.
According to a mid-year report, Miami’s vacancy rate is slowly increasing, standing at 14.2% now, yet absorption rose to 1.2 million Sq. Ft. especially noted in suburban submarkets.
High absorption rate is a welcome change for the office market in Miami, which during the last real estate bust suffered some damage, struggling with high vacancies and a period of oversupply, but the city is now heading past that.