Second quarter rents reflect minimal impacts from COVID-19. Class A direct rents increased to near record highs in several markets based on confidence in demand pre-COVID. However, the speed at which rents are increasing has slowed on a YOY basis, increasing only 0.4% and average statewide rents are now 16% higher than previous cycle highs.
On an inflation adjusted basis, statewide rents were off by 3.4% from the previous market highs.
For most office markets in Florida, the high point for rent this cycle occurred prior to 2020.