MARKET TRENDS

• South Florida asking rents continued their upward trajectory. For Q3 the overall average asking rent of $42.91 was up 5.3% year-over-year, while Class A was also up 4.9%.
• Leasing activity softened in the third quarter. Total volume of 1.8 million square feet (msf) recorded for Q3 was down 16% compared to a year ago.
• Sublease inventory continues to rise with approximately 2.6 msf presently on the market, up from 2.3 msf reported in Q3 2022.

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