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Miami-Dade reaches 100 million square feet of offices
Jan 06, 2021
One-ninth of Miami-Dade County’s total office space stood vacant as 2020 ended and the county for the first time crossed the line of 100 million total square feet of offices, a preliminary market report this week by Colliers International reveals.
Vacancies have been rising since Covid-19 hit the county in March, Colliers data show. Total office vacancies rose from 9.6% at the end of March to 10% at the end of June, 11% at the end of September and 11.3% at year’s end.
As some businesses close as a result of the pandemic-induced downturn and other businesses downsize office space as more employees work from home, more space is likely to go dark in coming months.
In 2020 as a whole, county space absorption was a negative 657,677 square feet, although there was a positive absorption of …
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