Miami Office Market May Improve in 2 Years
If you’ve been keeping up with both the residential and commercial real estate markets in South Florida then you probably know that the office market has struggled in comparison, but before you count it out you may be interested to know that things may be looking up. According to the Commercial Industrial Association of South Florida’s annual Office Market Report, the South Florida office market may begin improving in two years.
Given the improvements in the economy and the decline in vacancies “it is expected that in approximately 24 months, the market will shift in favor of landlords as vacancies drop below 10 percent.” Currently the market sits in favor of tenants, but concessions are already lower than there were a year ago for Class A space, which is the most luxurious.
To read more of the report check out the article from Miami Today and let us know your thoughts in the comments section below.
Source: Miami Today