Submarkets Stabilize South Florida Office, Industrial Markets

MIAMI-Particular submarkets in South Florida’s Miami-Dade, Broward and Palm Beach counties helped stabilize the industrial and office markets there overall as of the end of 2002, according to a report just released by Codina Group Inc. of Coral Gables, FL.

The report, Time & Space, names the following submarkets as helping the stabilization: -Southwest Broward, the biggest office submarket in that county, which outperformed the other submarkets there. -Delray Beach, Jupiter and Royal Palm Beach/Wellington in Palm Beach County, the only submarkets that had positive absorption. -Airport West in Miami-Dade County, where development continues and 574,000 sf of industrial space is under construction.

“Despite the challenging economic climate, substantial growth in the submarkets contributed to a balance in the overall market,” John Geisen, president of Codina Group’s Real Estate Services Group, says in a statement. “We’re cautiously optimistic about the upcoming quarters.”