Florida office markets are continuing to show more resilience than many parts of the country, giving commercial Realtors® new numbers to use when talking with investors, tenants and relocating businesses.

A new CommercialCafe report found the national office vacancy rate reached 17.6% in April, but several Florida metros performed better than the broader U.S. market.

Miami posted the lowest office vacancy rate among the nation’s 25 largest office markets at 12.5%, down from 15.7% a year earlier. Miami also recorded the South’s highest average office asking rent at $58.41 per square foot and nearly $902 million in office sales through April.

CommercialCafe said continued corporate relocations, finance-sector growth and expansions by firms including JPMorgan, Amazon and Citadel have helped sustain demand in South Florida.

Tampa also remained below the national vacancy average, at 15.1%, continuing to benefit from steady office demand and comparatively tighter inventory than many major metros.

Orlando appeared in the report for a different reason: affordability. Orlando had one of the South’s lowest average office asking rents at $29.81 per square foot, making it one of only two Southern markets below the $30 threshold.

A few Florida office trends Realtors should watch:

• Miami continues attracting higher-end office tenants and financial firms.
• Tampa remains comparatively stable as companies seek quality office space.
• Orlando’s lower rents may appeal to expanding businesses focused on costs.
• Office demand is increasingly concentrating in newer, amenity-rich buildings.

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