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2Q22 Coral Gables Office Market Report

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Coral Gables Office Market Continues to Recover

The Coral Gables office market recovery is beginning to take shape as leasing activity picks up, reaching 304,500 square feet so far in 2022; 100,000 square feet more than was leased by this time last year. The affluent suburb continues to attract professional services firms like Bermello Ajamili and Partners (24,000 SF) and Kimley-Horn (22,634 SF), both of which signed new leases in 2022, driving vacancy rates down 30-basis points year-over-year to 13.1 percent. Class A asking rates are currently at $49.80 per square foot, an increase of 5.6 percent year-over-year. With new product under construction expected to push Class A asking rates even higher, Coral Gables is positioned well for a continued recovery.

Coral Gables Office 22Q2

2Q22 Coral Gables 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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