An elevated #office supply pipeline in the central business district and urban districts of #SouthFlorida, coupled with the recent economic slowdown and the growing popularity of hybrid working strategies, present a near-term drag on the performance of existing and newly delivered buildings.
Urban areas, like those around the airport or in Coral Gables and Sawgrass Park, have seen a significant rise in four- and five-star space availability since 2018. All of these urban areas now have over 1 million square feet of four- and five-star space available, which will result in an underperformance in rent gains and occupancy.
That said, South Florida office fundamentals remain relatively healthy given the headwinds the broader office market is facing across the country.
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