Second-quarter statistics for the Coral Gables office market show that while class A vacancy has fallen slightly from the market high in 2009, opening of the 173,000-square-foot north tower at 396 Alhambra at year's end will drive vacancy up to around 25%.
A recent survey of the 29 existing class A buildings prepared by Studley showed a total vacancy of 21.22%.
"Assuming no positive absorption in the Coral Gables class A market in 2011, the addition of the north tower building will increase class A vacancy in the Gables to approximately 24%," said Chris Lovell, Studley's senior managing director. ...
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