Miami-Dade County’s office market continues to show rising landlord leverage, as reduced availability coincides with higher asking rents. A new analysis by Commercial Observer, citing Savills, points to gains across both higher- and lower-priced office segments.
Office availability stood at 14.6 percent, a decline of 1.2 percentage points from a year earlier. The reduction signals a tighter supply of space for prospective tenants than the market offered a year ago.
Asking rents move higher
Average asking rents reached $68.50 per square foot, according to the Savills report. The increase alongside lower availability indicates that pricing momentum has extended beyond the market’s top tier.
For owners and investors, the trend supports stronger conditions across a broader range of office assets. Tenants evaluating Miami-Dade locations, meanwhile, face a market with fewer available options and higher advertised rents.
