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South Florida real estate projects in the pipeline for the week of March 19, 2021
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Plaza Coral Gables offices sign tenants Bradesco BAC Florida Bank, ACI Worldwide, Raymond James, HIG Capital, PNC Bank
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Office vacancies rose across South Florida in the fourth quarter, and Broward and Palm Beach counties experienced negative net absorption of space, according to a newly released report from Colliers International.
Still, the region saw some significant deals close at the end of the year. And average asking rents in Broward and Miami-Dade counties rose, despite market uncertainty and new deliveries. With more corporate relocations to the area, plenty of newly constructed inventory could become occupied in the long run, according to the report.
Here’s a breakdown:
Miami-Dade County
Miami-Dade had an 11.3 percent vacancy rate in the fourth quarter, the lowest in the tri-county region. That’s up from 11 percent in the third quarter of 2020, and up from the 9.6 percent in the fourth quarter of 2019.