Tenants Continue to Have Upper Hand in South Florida Office Market
While the economy on the whole has fallen into even more of a slump as of late, the South Florida office market is still doing quite well. According to a recent article from The Real Deal that cites Studley, leasing activity rose 9.5 percent to 1.8 million square feet in South Floida this quarter with a bulk of the increase coming from Miami. Studley attributes Miami’s advancement to the eye-catching new office developments in Brickell and Downtown Miami.
From The Real Deal:
The market still favors tenants. South Florida has 12.0 million square feet of available Class A space, more than 2.5 times what was available in 2006, and landlords continue to offer generous concessions. The asking rents in South Florida average $27.33 per square-foot, and $31.81 for Class A space. In Miami, asking rents average $29.78, $5.10 more than the average asking price per square-foot in Broward and $4.65 greater than the average in Palm Beach County.
Tenants, now is the time for you! If you’re searching for eco-friendly and smartly planned office spaces in the South Florida area to lease or purchase, contact Urbanism Group today at 888. 774. 9692.
Photo Credit: Brickell Travel