• 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