COMMERCIAL REAL ESTATE

Office vacancy rates down again in Miami-Dade

 

mbrannigan@MiamiHerald.com

The office vacancy rate continued to drop in Miami-Dade County in the fourth quarter, ending the year at 16.5 percent, according to a market report from CBRE Global Research and Consulting.

That is the lowest vacancy level since the peak of 19.1 percent in early 2012.

“Though the market is approaching a more balanced environment with landlords offering fewer concessions, there is still a long way to go before reaching vacancy rates at or near the pre-recession low of 7 percent, recorded in 2007,’’ the CBRE report said.

The biggest demand for office space in greater Miami continues to come from law firms, CBRE said.

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