While it may have seemed as though the Miami office market was struggling when compared to the residential sector, it may see a turnaround soon. A recent article from Miami TodayB covered the Office Market Report released by the Commercial Industrial Association of South Florida, in which stated that declining vacancy rates and improvements in the economy could bring about the turnaround in two years.
Specifically it is predicted that in the next 24 months the market will shift in favor of landlords over tenants and vacancies will drop below 10 percent. Currently the market is in the hands of tenants, butB concessions are less generous than they were a year ago for Class A space, which is considered the most luxurious.
To read more on Miami’s office market turnaround visit Miami Today and contact Morris Southeast Group if you are in need of commercial real estate services in the South Florida area.
Tags: Miami office property, South Florida commercial real estate, South Florida commercial real estate services
