This year started on a positive note for corporate real estate, especially in terms of occupancy, according to National Real Estate Investor and based on a Colliers International report. National fourth quarter numbers revealed office vacancy declined, and the office market is in b the recovery stage.b Nevertheless, rents did not show improvement.
These national trends also can be seen in our area, the South Florida market, where vacancy dropped but rents are still suffering, according to the South Florida Business Journal. In fact, in Miami-Dade County, vacancy dropped from 18.1 percent to 17.8 percent in the last quarter of 2010, but rents actually dropped from the third to the fourth quarter. Also, the business journal reports that:
b For the first time since 2007, absorption b the net change in occupied space b was positive, totaling 586,065 square feet last year, compared with negative absorption of 917,247 square feet in 2009.b
In Palm Beach County, office vacancy was the highest in the region at nearly 22 percent.
If your business is looking for South Florida commercial real estate, contact Morris Southeast Group/CORFAC International today.
Image: Steffen via Flickr
Tags: commercial real estate, Miami, Miami-Dade, Morris Southeast Group, occupancy, office market, office property, Palm Beach, South Florida, vacancy
