Many South Florida commercial real estate markets are slowly pulling out of the slump caused by the Great Recession. In many areas, the recovery remains slow, though. This makes it an excellent time to be a tenant looking for space.
Landlords are motivated by two factors that work together in your factor. The first is that, as you can see, they’re still contending with a great deal of vacancy in their buildings. At the same time, many of the tenants that they do have are paying lower rents than they did in the past. Because of this, you can expect to get a warm reception from property owners. This is especially true if your company is strong, stable and willing to sign a relatively long term lease.
Time is of the essence, though. The balance of power is beginning to shift in the South Florida commercial real estate market. Since many developers suspended projects, the market is coming off of a few years of light construction with tight inventories. At the same time, tenants are starting to come back to the market. This could lead to higher rents and fewer options for you to consider later in the year.
Tags: commercial real estate, commercial real estate in south florida, Commercial Real Estate Trends
