'07 Office Vacancy Predicted at 14%

MIAMI-The Miami Downtown office market in 2007 is forecasted to have the fifth-lowest vacancy rate of 13 downtown US markets Jones Lang LaSalle looks at in a newly released report. The Miami vacancy rate is expected to be 13.8%. The lowest vacancy, 8.7%, is predicted for Sacramento, CA, while the highest, 22.2%, is expected in Austin. Miami’s rate is also behind Boston (12.6%); Orlando (13.2%); and San Diego, CA (13.3%).The report also looked at downtown rent growth for 2004 to 2007, which in Miami is expected to be flat or in a slight decline. The same result is predicted for Miami’s suburban markets, where the vacancy rate is expected to be a little higher than downtown, 14.6%, in 2007. However, this represents the third-lowest rate for suburban markets, behind New Orleans (10.7%) and San Diego (14%). It is also tied with Seattle.