Miami office vacancies rise, as do new towers
November 17, 2011
By: Marilyn Bowden

More space translated into higher vacancy rates for the Miami office market in third-quarter 2011 with the entry of 615,000 square feet at Brickell World Plaza, 600 Brickell Ave. ...

... The backdrop for office leasing and construction countrywide remains gloomy. "The US economy," states the Third Quarter 2011 Studley Report for South Florida, "appears to be on the verge of falling back into recession. Over the course of the summer, retail sales declined, manufacturing production fell and business as well as consumer confidence weakened."

Bucking that trend, Studley and other analysts note, the Miami-Dade office market showed modest improvement during the quarter. "Deal volume increased," Studley summarizes, "as area businesses signed long-term leases to lock in very tenant-favorable terms."

Studley's numbers show leasing up 9.5% in the quarter, with Miami-Dade accounting for 1.1 million of 1.8 million square feet of South Florida market activity, a 60.1% hike from the previous quarter, and a drop in Class A availability to 21.6% from 23.3% a year ago. ...

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