South Florida Outshines All US Cities in Office Attendance Rebound

South Florida stands out in the U.S. for its high office attendance, surpassing pre-pandemic levels. Placer.ai data reveals that South Florida, encompassing Miami, Fort Lauderdale, and West Palm Beach, trails only by 14% compared to April 2019.

Consistent Leadership

For the past three months, South Florida has consistently led the nation in office attendance, surpassing even New York. April 2024 saw the highest foot traffic levels since 2019, with a modest 14.1% decline compared to March 2019.

Comparison with Other Metros

While New York follows South Florida in high office attendance, it lags by 16.9% from four years earlier. Other metros like Washington, D.C., and Dallas also show significant declines, with San Francisco, Los Angeles, and Chicago trailing by over 40%.

Growth and Performance

Despite San Francisco trailing in foot traffic compared to 2019, it has exhibited remarkable growth, with a 26% year-over-year increase. Miami follows closely with a 23.5% year-over-year rise.

National Trends

Nationwide, office foot traffic is up by 18.2% year-over-year, showing the best performance since August. This surge has also contributed to Miami's status as one of the strongest markets for property owners.

Rising Rents and Tenant Behavior

Miami's robust office visit numbers have propelled rental growth, with asking rents increasing by over 9% year-over-year. Tenants are favoring newer, high-quality buildings over older ones, leading to a significant portion of available sublease space being in properties built before 2000.

Stability and Rent Growth

Despite fluctuations in vacancy rates, South Florida has maintained stable vacancy levels, with Fort Lauderdale being the only area experiencing a notable increase. Class-A rents in Miami-Dade surged by more than 20% between Q1 2023 and Q1 2024.