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Miami's and South Florida's original leading source for commercial real estate news, analysis, trends, events and resources in office, industrial, retail, multifamily, hotel, healthcare and net lease property sectors.
Avison took a look at Fort Lauderdale and West Palm Beach as well.
Brazilians view the region as a "second home."
The excess of supply for the most part drove up vacancies in South Florida.
Office operates are re-evaluating their footprint, according to Avison Young.
The company plans on dealing with liabilities and returning capital to shareholders.
It is the second largest office deal in Florida history.
The mixed-use Miami Worldcenter has big plans for multifamily and residential units too.
The 687,000 square feet asset was first opened in 1985.
The units cost between $500,000 and $1 million.
South Florida is 20 points ahead of the national average in office return rates.