Miami's office market shows strong performance, with 2.8 million square feet under construction, significantly above the national average. The city ranks third nationally for office-to-residential conversion potential at 16.1%. Year-to-date, 29 properties totaling 1.7 million square feet traded for $588 million, a 93.8% increase from last year. The average price per square foot is $354, well above the national average. However, the office vacancy rate rose to 14.1%, still below the national rate of 19.4%. The coworking sector also remains robust, with 2.9 million square feet of shared space.
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