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YE 21 Office Investment Report

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South Florida’s Office Market Hits New Record Pricing in 2021

The office investment market in South Florida broke records in 2021, despite uncertainties surrounding the coronavirus pandemic and return to the office delays. South Florida’s sale volume totaled $5.1 billion in 2021, more than three times the volume in 2020 of $1.5 billion. For the most part, South Florida’s office market has proven to be resilient through the coronavirus business climate, having minimal negative impact on leasing and sales activity. As physical day-to-day occupancy in office buildings return, the resulting positive market fundamentals will continue to strengthen in South Florida and attract investors with its stabilized, top of market product commanding top dollar pricing.

South Florida’s strong demand drivers like, declining unemployment, population growth, and confidence in the economy are creating an imbalance in supply and demand. There is an ongoing supply shortage of quality product with competitive buyers driving the price up; sales price per square foot increased 19 percent year-over-year, ending 2021 at $285. High demand and potential tax changes from the White House in the second half of 2021 caused a frantic and rushed market as the year was closing out, clogging third party vendors, which impacted deal closing timelines.

As buyers and sellers contemplate these local market strengths, balanced alongside the inherent headwinds, sellers are seizing the opportunity to monetize their assets. South Florida’s strong office market fundamentals are attracting investors seeking safety that competing, slower improving markets aren’t currently offering. Additionally, South Florida is drawing institutional investors as more companies establish or move their headquarters here. With favorable trends, 2022 is expected to be another strong year for office investment in South Florida though high demand and limited supply will likely remain imbalanced.

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YE 21 Office Investment Report

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Verity Mosquera

Research and Consulting Manager

Fort Lauderdale

As Research and Consulting Manager in the South Florida market, I apply my experience in analytics, leadership and international business to monitor the global economy and make projections that help guide our brokers and clients in strategic decision making. My expertise in both leasing and investment sales ranges across multiple asset types including retail, industrial, office and multifamily.  

Prior to joining Colliers, I worked for The Washington Economics Group, Inc., where I led a team of eight economists as Manager of Client Services to prepare detailed economic impact analyses of a number of high-profile transportation and real estate projects in South Florida, including SkyRise Miami and All Aboard Florida. Other notable South Florida clients that I have worked with include Tate Capital, Odebrecht, Miami-Dade Expressway Authority and the International Speedway Corporation. Prior to moving to the United States in 2011, I graduated from law school and was a data analyst for Equity Insurance in Brentwood, UK.

I am active in the commercial real estate community through multiple organizations and committed to strengthening the participation of young leaders in the real estate sector through my current role as Co-Chair of the Urban Land Institute’s Young Leadership Group.

I also have a strong passion for teaching and mentoring students to help prepare them for careers in commercial real estate. I served as an adjunct professor for Miami Dade College School of Business teaching Principles of Management to undergraduate students pursuing their Bachelor’s degree in Business Administration and have recently served as a guest lecturer at Florida International University’s Tibor and Hollo School of Real Estate teaching market research skills to graduate students in the Masters in Science in International Real Estate (MSIRE) program. 

While earning my MBA at St. Thomas University, I served as president of Future Business Leaders of America - Phi Beta Lambda and spoke numerously on business and women career issues. St. Thomas University awarded me with the Outstanding Graduate Award and the Women in Leadership Award in recognition of these efforts.

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