• South Florida

How Much Sublease Space is Available in Miami’s Office Market?

By Shanna Naseery, Analyst

Our Q1 2018 Miami Sublease report highlights the amount of available sublease space in Miami-Dade County, which in the current cycle remains relatively manageable.

In a high occupancy office market, sublease space remains a viable option for short-term needs and some new-to-market tenants looking for a lower-cost alternative than direct rental space.

At the end of the first quarter 2018, Miami-Dade had over 880,000 square feet of office sublease space available, compared to over 7.4 million square feet of direct space available.

The average term remaining for sublease availabilities was 50 months at an average full service asking rent of $35.16 per square foot (psf), which is 8.9% below the current direct rental rate of $38.60 psf in the market.

 

For more information contact:

Chris Owen
Director, Florida Research
407-541-4417
chris.owen@cushwake.com

 

Shanna Naseery
Analyst
305-533-2845
shanna.naseery@cushwake.com

  • South Florida

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