Office Sector Picks Up in Miami

Miami continues to attract national and overseas attention and capital, with transaction volume topping $1 billion in the 12 months ending in July. The metro’s office inventory includes more than 51 million square feet of space and is largely dominated by Class A and A+ properties.
Miami’s growing economy, strong demographics and consistent job growth continue to fuel demand for office space and investor interest. Some 23,000 new jobs were added in the 12 months ending in March, a 1.9 percent increase year-over-year in the metro’s total payrolls and slightly above the 1.6 percent national growth rate. The education and health services sector increased by 3.5 percent, with about 6,300 new jobs added during the past four quarters. Employment gains were also solid in the trade, transportation and utilities sector (5,200 new jobs), while roughly 5,000 jobs were added in the leisure and hospitality sector…

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