Vacancy increased to 15.2% from 13.5%, an increase of 170 bps year-over-year with the majority of the increase in the suburban submarkets. Airport/Doral had the highest increase in vacancy.
Current tenant requirements total 1.6 million sq. ft. with insurance, legal and financial services, being the top industries in the market. Approximately 240,000 sq. ft. are currently on hold due to COVID.
545Wyn delivered 298,597 sq. ft. in Wynwood. Office construction activity in the market totaled 2.1 million sq. ft.