MARKET TRENDS

• South Florida's average asking rent ended the year at $43.57 per square foot, up 5.7% year-over-year, as the overall flight to quality from occupiers continues.
• Quarterly leasing activity sligntly declined in Q4 with 1.8 million5quare feet (msf) recorded which brought total leasing activity in 2023 up to 6.9 msf, up from 6.8 ms reported in 2022.
• Available sublease inventory ticked up again from last quarter with approximately 2.6 ms on the market at year-end but this is down from 2.9 msf reported a year ago.

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