MIAMI-Office markets in most Sunbelt cities have already bottomed out and should surpass national growth rates in the next six to 12 months. So says a new report from Jones Lang LaSalle.

Fort Lauderdale, Jacksonville, Miami, Orlando, Tampa, and West Palm Beach were among the hardest hit by the recession. Now, these markets are posting substantial upticks in office occupancy and seeing declines in vacancy. JLL attributes the rebound to strengthening employment, migration and housing market shifts with absorption rates in the 1.5% to 2% range across most the Sunbelt geographies.

“A diversification of the economy is helping to fuel the resurgence in Florida,” John Sikaitis, senior vice president of Research at JLL, tells GlobeSt.com. “Healthcare operations, call centers in Central Florida markets like Tampa, a return of tourists primarily in Orlando and Miami, and South Florida’s growing influence as a global trade center and base of operations for Latin America are all contributing to the upturn.”

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.