TAKEAWAYS

• South Florida's Class A average asking rent reached a new record high of $46.23 per square foot (psf), a 2% increase quarter over quarter and in the Miami submarket, the Class A asking rate of $54.40 psf, up 8.9%, saw arguably the strongest rent growth nationally.
• Leasing activity of just under 1.4 million square feet (msf) was 13.0% lower than the previous quarter but an increase of 38% compared to the same period a year ago.
• Overall availability decreased slightly to 19.4% from 20.6% a year ago. Class A availability showed a marked decrease going from 25.0% a year ago to 21.4%.

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