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Q2 2019 Miami Office Market Report

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In the second quarter of 2019, Broward County received a higher than average amount of new industrial inventory added to the market. In addition, an estimated 1.3 million square feet of industrial and flex space are currently under construction. While the market demand supports the new supply, and new deliveries are quick to absorb, there was a marginal uptick in vacancy rates to 4.1 percent. This still reflects a tight market when compared to the vacancy rate of five years ago at 8.0 percent. As a result of this limited vacancy, landlords are offering less rent abatement, particularly on renewals. Demand remains high among properties with above market parking ratios and distribution centers located in close proximity to the end consumers. An estimate 530,000 square feet were delivered in the second quarter while close to one million square feet were leased. Meanwhile, rental rates for warehouse and distribution space currently average $8.76 per square foot NNN, an increase of 6.7 percent year-over-year. Rental rates for flex space currently average $13.13 per square foot NNN, an increase of 1.9 percent year-over-year.

MDC Office2Q 2019

Q2 2019 Miami Office Market 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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