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S. Fla. Office Market Remains Flat

MIAMI-A newly released mid-year market survey, predicts, however, that leasing activity will rebound quickly once the economy re-emerges from the current slowdown.

By David R. Corder | Updated on August 01, 2001

MIAMI-It cannot be described as pent-up demand, but a newly released commercial real estate survey suggests that office leasing activity in South Florida would rebound quickly once the economy re-emerges from the current doldrums.

Still, the survey published by Miami-based Codina Real Estate Services Inc. shows noticeable increases in office vacancy rates through the first six months of this year in Broward, Miami-Dade and Palm Beach counties.

“There is an overall thread that runs through the three counties,” John B. Geisen, president of Codina Real Estate Services a division of Miami-based Codina Group Inc., tells GlobeSt.com. “There is a continued softening in the South Florida market. But I don’t sense distress. Sales activity, for instance, is simply not bringing quite the same cap rate or return that investors or developers would like to see. There is no sign of distress, forced sales.”

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