Skip to main content Skip to footer

Q1 2020 Miami Office Market Report

Download Report

Miami-Dade Office Fundamentals Remain Stable in the First Quarter of 2020 as COVID-19 Hits Florida, an Optimistic Sign for Recovery

Miami-Dade County’s office fundamentals remained stable amid the start of the U.S. COVID-19 outbreak with positive net absorption, decreasing vacancy rates, increasing rental rates and construction activity exceeding a ten-year high. The vacancy rate decreased 30 basis points year-over-year while the rental rate increased 6.3 percent year-over-year positioning Miami- Dade County to handle the 3.6 million square feet that are currently under construction. Net absorption was strong at approximately 106,000 square feet despite leasing activity barely reaching 949,000 square feet. Even with these healthy fundamentals, the market’s leasing activity experienced a ten-year low, leasing below one million square feet; this low cannot be contributed to COVID-19 alone as leasing activity consistently decreased throughout 2019.

MDC Office1Q 2020

Q1 2020 Miami Office Market Report

Download Report
Related Experts

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.

View expert