Commercial Miami Real Estate Seeing Decrease in Vacancy Due to Evacuee Business Interest
Commercial Miami real estate has been some of the most coveted by businesses forced out of their towns and cities by Hurricane Katrina.
Businesses now have to choose whether to rebuild or relocate, and those that have chosen to relocate are greatly impacting the commercial Miami real estate market, as vacancy rates for office and industrial space stand poised to fall between 2 and 3 percent next year.
The huge demand for both short and long-term commercial Miami real estate is contributing to a price increase of between 10 and 50 percent in the industrial, multifamily and office markets. "In the office sector, vacancy rates are at the lowest level since 2001, resulting from a rise in space absorption and a decline in speculative building."
As vacancy decreases, the average rent for Miami real estate is expected to increase by 4.4 percent this year and the next.
Businesses now have to choose whether to rebuild or relocate, and those that have chosen to relocate are greatly impacting the commercial Miami real estate market, as vacancy rates for office and industrial space stand poised to fall between 2 and 3 percent next year.
The huge demand for both short and long-term commercial Miami real estate is contributing to a price increase of between 10 and 50 percent in the industrial, multifamily and office markets. "In the office sector, vacancy rates are at the lowest level since 2001, resulting from a rise in space absorption and a decline in speculative building."
As vacancy decreases, the average rent for Miami real estate is expected to increase by 4.4 percent this year and the next.
