Shelter-in-place orders and business interruptions did not occur in Florida until the end of March. As such, 1st quarter rents do not reflect any real impacts from COVID-19. Class A direct rents increased to near record highs in several markets based on confidence in demand pre-COVID. Average rent growth YOY in Florida was 2.7%, and average statewide rents were now 16% higher than previous cycle highs.
On an inflation adjusted basis, statewide rents were off by 5.5% from the previous market highs. For most office markets in Florida, the high point for rent this cycle occurred prior to 2020.