With the most vacant office space ever in Miami, 8.2 million square feet, and a vacancy of more than 26% in Brickell and downtown, near top in the US, experts paint a dismal short-term future for the local office market. ...
... But no total rentable square footage has been disclosed, says Chris Lovell, Studley’s senior managing director, and it would be several years before the project hits the market. A new Studley report for January-February 2010 shows overall vacancy at 26.7% – “one of the highest rates in the nation.”
Things may actually be worse than that, Mr. Lovell says.
“Most quoted vacancy rates are artificially low because a relocating tenant’s occupancy is often double-counted – both in their current location and in
the future location.” ...
... One of the healthiest office markets in Miami is Northeast Dade, where Marketbeat finds vacancy at a relatively low 11.8%.
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