Miami’s annual office-using jobs declined by 16,000 in the subsectors of professional, information and financial activities jobs as of May 2020. However, there was an increase of 26,500 jobs between April and May signifying a move towards economic recovery.
Current tenant requirements total 1.5 million sq. ft. with financial services, business services, legal and health insurance being the top industries in the market. Approximately 543,000 sq. ft. are currently on hold due to COVID.
Rents held steady with asking rates in the CBD increasing to $45.45 per sq. ft., or 3.9% year-over-year., while the suburban submarkets showed a slight decrease of 0.2% year-over-year.