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Office Market Q1 2025
Dade and Broward Counties Market Report
As of the first quarter of 2025, the office real estate market in Dade and Broward counties has shown signs of recovery and adaptation, driven by evolving workplace dynamics and a gradual return to in-person operations.
Vacancy Rates: The vacancy rates in both counties have stabilized, with Dade County at approximately 12.0% and Broward County at around 11.5%. These figures indicate a cautious optimism in the market, as companies reassess their space needs in light of hybrid work models.
Absorption Rates:The absorption rates have demonstrated a positive shift, with approximately 300,000 square feet absorbed in Dade County and around 250,000 square feet in Broward County during the first quarter.
This trend reflects a renewed demand for office space, particularly in well-located buildings that offer modern amenities and flexible layouts.
Volume Sold: The volume of office properties sold in the first quarter reached approximately $200 million across both counties. This figure highlights a growing investment appetite, with several notable transactions signaling confidence in the long-term viability of the office sector.
General Market Information:The office market in Dade and Broward counties is characterized by a shift towards flexible workspaces and an emphasis on health and wellness features. Landlords are increasingly investing in upgrades to HVAC systems, outdoor spaces, and technology to meet tenant demands.
Additionally, the rise of co-working spaces and hybrid work models is influencing the types of office environments that are in demand. The ongoing influx of tech and creative industries into the region is also contributing to a more dynamic office landscape.
Overall, the office real estate market in Dade and Broward counties is navigating a transitional phase, with positive indicators for continued growth and adaptation to new workplace trends.
Markets at a glance:
Vacancy Rates:
Dade County: Approximately 12.0%
Broward County: Approximately 11.5%
Rent per Square Foot (SF):
Dade County: $35.00 per SF
Broward County: $32.00 per SF
Sale Price per Square Foot (SF):
Dade County: $400 per SF
Broward County: $375 per SF
These figures reflect the current market conditions and trends in the office real estate sector for the specified counties.
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