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Increased leasing activity as availability drops
Average asking rents in Miami reached $56.27 per square foot (psf) in Q3, marking a 4.7% increase from the previous quarter. However, rent trends varied considerably depending on the location and type of space. Class A asking rents increased by 14.8% year over year (YoY), reaching $64.61 psf, highlighting the strong demand for premium, well-located properties. In contrast, Class B rents saw a more modest YoY increase of 4.6%, reaching $42.63 psf. Brickell continues to lead as the submarket with the highest average rental rates, at $90.79 psf, marking a 3.3% YoY increase. In August, 830 Brickell leased its last available space of 26,000 square feet (sf) to the Brazilian bank Banco Master at an approximate starting rent of $190.00 psf. This record-setting price is comparable to Manhattan’s most expensive office spaces and establishes a new benchmark for South Florida.