Miami Real Estate Slow on Nonresidential Construction in First Half of 2005
During the first half of 2005, nonresidential Miami real estate construction saw sizable declines. Throughout the nation there was a 16 percent decrease in construction of offices, 19 percent in warehouses, and 25 percent in manufacturing plants. But in June, the nonresidential market began to strengthen.
At the beginning of the summer, nonresidential building “advanced 17 percent to a seasonally adjusted annual rate of $169.9 billion.” Market watchers believe that nonresidential Miami real estate construction was sluggish in early 2005 because projects were “being deferred and redesigned as developers adjust to higher material costs.”
June also marked an 11 percent increase in multifamily housing construction. The Miami real estate market was one of five top national metropolitan markets for multifamily housing starts in the first half of 2005.
At the beginning of the summer, nonresidential building “advanced 17 percent to a seasonally adjusted annual rate of $169.9 billion.” Market watchers believe that nonresidential Miami real estate construction was sluggish in early 2005 because projects were “being deferred and redesigned as developers adjust to higher material costs.”
June also marked an 11 percent increase in multifamily housing construction. The Miami real estate market was one of five top national metropolitan markets for multifamily housing starts in the first half of 2005.
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