Leasing activity reached almost 669,000 sq. ft., demonstrating continuing demand for office space in Miami.
•Current tenant requirements total 1.2 million sq. ft., with financial services, business services (which includes co-working providers), and insurance being the top industries in the market.
•Net absorption during Q1 2020 was negative 65,400 sq. ft., with tenant vacating 42,700 sq. ft. in the downtown submarkets and 22,700 sq. ft. in the suburban submarkets.
•New office construction is scheduled to deliver 1.0 million sq. ft. in 2020, the majority of which will be in Wynwood, Coral Gables and Downtown Miami.