Florida’s office markets recorded 3.7 million sq. ft. of net absorption in 2017, setting an average quarterly pace of 921,000 sq. ft.
The statewide average asking lease rate was $27.78 per sq. ft. in Q4 2017, up 3.5% year-over-year.
The statewide vacancy rate stood at 11.9% at the close of the first quarter, tightening 90 basis points (bps) from the year prior.
As of Q4 2017, nearly 723,000 sq. ft. of new office space has been delivered year-to-date and more than 1.6 million sq. ft. of space was under construction statewide, primarily in the South Florida market of Miami.
In Q4 2017, statewide, nearly $3.2 billion traded hands across 122 transactions. Approximately 52% of dollar volume occurred in South Florida markets