Market

Commercial real estate markets fluctuate.  The good news for tenants is that vacancy rates are high and rents are low, therefore giving tenants leverage in negotiations.  There is newly available space that has created some tremendous leasing opportunities throughout Florida.  Examples of this are the new, Class A office buildings in the Brickell, Downtown Miami and Coral Gables submarkets which have contributed to rising vacancy rates and lower rental rates in those specific submarkets.

South Florida is comprised of Miami-Dade County, Broward County, and Palm Beach County.  In Miami-Dade County the submarkets include but are not limited to: Brickell, Downtown Miami, Miami Beach, Coconut Grove, Coral Gables, South Miami, Doral/Miami Airport, Miami Lakes, Aventura, and Kendall.  The overall vacancy rate in Miami-Dade County is 14.1% with 53,985 square feet of positive absorption in the 1st quarter 2011. The average quoted rental rate is $29.10 per square foot with an inventory of 101,551,206 square feet in 4,411 buildings.

In Broward County the submarkets include but are not limited to:  Commercial Blvd., Cypress Creek, Downtown Ft. Lauderdale, Hallandale, Hollywood, Coral Springs, Plantation, Pompano Beach, and Sawgrass Park.  The overall vacancy rate in Broward County is 12.9% with 153,411 square feet of positive absorption in the 1st quarter 2011.  The average quoted rental rate is $24.65 per square foot with an inventory of 70,220,729 square feet in 4,297 buildings.

In Palm Beach County the submarkets include but are not limited to:  Boca Raton, Boyton Beach, Delray Beach, Jupiter, North Palm Beach, Palm Beach, West Palm Beach, Palm Springs and Wellington.  The overall vacancy rate in Broward County is 17.3% with 249,875 square feet of positive absorption in the 1st quarter 2011.  The average quoted rental rate is $26.10 per square foot with an inventory of 54,950,003 square feet in 2,739 buildings.