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Hot Office Market Continues in S. Florida

MIAMI-The South Florida market is continuing a three-year trend of rising rental rates and decreasing vacancy rates as the fundamentals of the commercial real estate market continue to be strong. As it moves forward, experts says the market will continue to be strong through the rest of 2006.

By Natalie Keith | Updated on May 12, 2006

MIAMI-The South Florida office market is experiencing continued tightening with decreased vacancy and rising rental rates, according to recently issued market reports.

According to a Studley first quarter 2006 South Florida office market report, decreasing availability and increasing rents is a trend that has been occurring for 11 quarters. During the first quarter, the vacancy rate was 11.2%, down by 1.2 percentage points for the quarter and by 3.5 percentage points for the year. South Florida’s class A availability rate was 13.2%, which reflects a decrease for the both the quarter and the year, the report notes.

According to the CB Richard Ellis Florida market perspective for year-end 2005, all six Florida markets tracked posted suburban vacancy rates well below the US rate of 14.6% for fourth quarter 2005. Much of the development and leasing activity is in the suburbs where lower rents and more expansion room can be found. Central business districts are also strong, with Miami experiencing a 12.7% vacancy rate, which is below the US average.

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