TAKEAWAYS

• South Florida’s asking rents have continued to climb despite the Omicron variant resurgence with rates reaching a new market high of $44.43 per square foot (psf) in Q4 for class A office space.
• Total new leasing activity totaled over 6.7 million square feet (msf) in 2021, 38.1% higher than 2020 and 7% away from reaching pre-pandemic levels in 2019.
• Both Overall and Class A availability declined 90 basis points (bps) quarter over quarter ending Q4 at 19.8% and 23.6% respectively.
• Although there were fewer leases executed in Q4, leasing surpassed all previous quarters at 2.1 msf and can be attributed to the fact that larger leases are being signed as opposed to short-term, more modest leases being executed earlier in the pandemic.

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