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Q4 2019 Miami Office Market Report

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The Coworking Expansion in Miami-Dade County Endures as Operators Continue Absorbing Space

Overall, 2019 was a good year for both office landlords and tenants. Low interest rates and stock market growth gave companies the confidence and ability to continue growing and expand into new space. Leasing activity was strong with close to 500,000 square feet of net absorption throughout the year. Most tenants are attracted to Class A and B space, known as the “flight to quality,” as new office space comes to market and older buildings have been renovated with new facilities added to remain competitive. Most of the absorption has been a result of smaller (3,000 to 10,000 square foot) tenants, with deals concentrated in the Brickell, Coral Gables and Wynwood office submarkets. Rents have been marginally increasing with total gains of 9% year-over-year. Rents are being pushed up by new landlords after acquiring property, and at new developments. Financial services, insurance, accounting, legal and technology firms continue to be most active. There is an optimistic outlook for 2020 as fundamentals remain steady with a good pipeline of activity to kick-start the year, however, the impact of the Presidential election in the latter half of the year causes some apprehension.


MDCOffice4Q2019

Q4 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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