Coral Gables experiencing mini building boom
August 14, 2011

Backed by a quarter-billion dollars in fresh financing and a conviction that Coral Gables will be the first South Florida enclave to experience a real estate rebound, a handful of developers are building again in the City Beautiful.

The downtown section of Coral Gables, around Ponce De Leon Boulevard, is the epicenter of the mini-building boom, with luxury apartments and office buildings — not condos — taking center stage. ...

... According to a recent report by commercial real estate firm Studley, Coral Gables’ Class A office vacancy rate stands at 18.9 percent, an above-average figure that could be pushed higher when new projects come online. Average monthly rental rates are about $32 per square foot, and many of the new developers are hoping to get $40 to $55 when their projects open. ...

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