S
outh Florida's office market received a boost from Miami's Brickell and West Palm Beach, where Class A spaces saw significant move-ins in the first quarter. The tri-county region welcomed new inventory, but asking rents rose and vacancy rates decreased in some areas, according to a JLL report.

    While Broward County struggled with negative absorption due to companies vacating offices, Palm Beach County experienced a similar issue despite new tenants moving in. This was largely attributed to departures of other tenants, highlighting the region's shifting landscape.

    Miami's Brickell emerged as the "epicenter of move-ins," with Citadel and CI Financial taking occupancy at 830 Brickell, accounting for nearly 150,000 square feet of positive absorption. West Palm Beach followed closely behind, with recent completions like Banyan & Olive and One Flagler drawing in tenants.

    Landlords in Miami-Dade County saw a slight drop in vacancy rates to 15.9%, while asking rents rose to $64.78 per square foot. However, new construction slowed down significantly, with only 971,849 square feet added in the first quarter compared to 1.9 million square feet during the same period last year.

    Broward County experienced a sluggish start, with negative absorption of 112,500 square feet due to companies vacating offices. Despite this, average asking rents jumped to $46.88 per square foot, and new construction remained steady at around 389,940 square feet.

    Palm Beach County's downtown area saw significant move-ins, but also experienced departures of longtime office renters, resulting in a vacancy rate jump to 14%. Average asking rents rose by 17% to $63.50 per square foot, while new construction slightly outpaced the previous year's numbers.