Market Trends

• Asking rents in South Florida continue to climb at a rapid rate, closing out the quarter at the highest rate ever recorded exhibiting a 20.7% annual increase from one year ago.
• Net absorption of 1.5 million square feet (msf), the lowest quarterly figure since Q1 2020, may be signaling a cyclical low in vacancy rates.
• Quarterly leasing activity of nearly 5.8 msf declined 33% from Q3 2021. However, leasing remains at historically strong levels, underpinning the on-going trend of strong tenant demand in South Florida despite growing economic uncertainty.

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