The South Florida Office market ended the second quarter 2012 with a vacancy rate of 14.2%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 689,344 square feet in the second quarter. Vacant sublease space decreased in the quarter, ending the quarter at 650,004 square feet.
Tenants moving into large blocks of space in 2012 include: Citrix Systems moving into 54,902 square feet at Park Center; University Of Miami Bascom-Palmer moving into 52,205 square feet at Crossroads 3; and State Farm Mutual Automobile Insurance moving into 50,000 square feet at Convergys at Westpoint Centre.
Rental rates ended the second quarter at $26.29, an increase over the previous quarter.
A total of three buildings delivered to the market in the quarter totaling 278,762 square feet, with 384,523 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. national office vacancy rate, which decreased to 12.1% from the previous quarter, with net absorption positive 20.72 million square feet in the second quarter.
The information in this news report is based on CoStar’s Second Quarter 2012 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.