MIAMI—What are the biggest challenges that the office market faces that could have long-lasting repercussions in downtown? Danet Linares, vice chairman of Blanca Commercial Real Estate, has some keen insights.

But, first, let's review the challenges the Greater Downtown Miami areas has overcome. Brickell's vacancy rate is about 15%. That's down from about 24.6 percent since 2011. Overall, the CBD posts a 20% vacancy rate, which is down from over 23% at the height of the recession. All that is according to the Miami Downtown Development Authority (DDA) Office Study.

The bottom line: Vacancy remains relatively high in the Miami DDA Office Area, it is well off its peak and we have experienced strong positive net absorption during several consecutive quarters. As Linares sees it, steady and growing positive net absorption has fueled a rapid recovery of the office market in the last three years. But challenges remain.