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Q2 2020 Miami Office Market Report

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Miami-Dade County Office Market Feels the Impact of COVID-19 as Tenants Implement Reopening Plans and Adapt to the New Normal

Several large lease deals in the second quarter of 2020 still closed, however, a number of tenants are facing significant hardship as a result of COVID-19 and its impact on the economy. Office tenants providing services to the aviation and cruise line industry have been particularly hard hit and are seeking rent relief and/or termination of leases. Meanwhile, prospective tenants are putting a hold on any plans to expand or commit to new leases. Several deals that were already in the works continued to close including two new leases in Brickell - Morgan Lewis signed an 18,000 square foot lease at Brickell World Plaza, and IberiaBank signed a 14,000 square foot lease at 1111 Brickell Avenue. Nonetheless, market fundamentals are showing signs of distress as vacancy rates begin to rise; Miami-Dade County’s vacancy rate increased by 50 basispoints quarter-over-quarter to 9.5 percent at the end of the second quarter. Meanwhile, net absorption recorded negative 480,000 square feet, the first negative recording since the first quarter of 2019. A small delivery of 27,400 square feet was recorded in the second quarter, however, a heavy pipeline of 3.7 million remains under construction. Looking forward, landlords are considering increasing concessions for new tenants, however, rental rates so far have remained stable.


Q2 2020 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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