TAKEAWAYS

• South Florida’s office market showed signs of stability in Q3. Demand was strong with more than 540 leases signed, with Boca Raton seeing the majority of activity.
• Average asking rents are holding firm, now at $39.02 per square foot (psf), as landlords prefer to offer more tenant concessions, instead of dropping rates amdist soft market conditions.
• After a slump throughout most of the pandemic, leasing activity has picked up for the second quarter in a row with 1.7 million square feet (msf) leased — just above the five-year quarterly average (1.5 msf).
• The increase in leasing volume has held overall availability relatively stable with a minimal increase from 20.6% in Q2 to 20.7% in Q3.

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