Vacancies are rising in Miami-Dade (16.2%), Broward (20.8%) and Palm Beach (14.1%). But the worst is yet to come, predicts a new analysis by the Fort Lauderdale, FL office of Cushman & Wakefield of Florida Inc.
A total 1.3 million sf of speculative space is under construction on Brickell Avenue, Coral Gables and Miami Beach.
Brickell Avenue, Miami's financial district, could be in for a shock as 236,000 sf becomes vacant over the next 15 months. About 44% of the 236,000 sf is sublease space.
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