With Office Vacany Low Commercial Real Estate is Primed for Growth

More signs that there will be growth in the commercial real estate sector, which given the current decline in prices and demand in the high density residential sector, may offer a bail out to developers for the current growing residential condo glut—if indeed many opt for office/condo conversions. The trend is national, but Miami is cited as having some of the lowest office vacancy rates, which indicates that there, at one point or another, will have to be an increase in office space supply to compensate for the low vacancy rate. Developments such as Park Place, Met 2, and the second phase of Latitude, are signs that developers in Miami are moving towards commercial developments, but the current trend is minimal in comparison to the multi-family trend. The best outcome for Miami’s development arena is a boom in commercial development—an occurrence the city has never seen, and given Miami’s growing international economic influence, is likely imminent.


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