MIAMI, FL – Marcus & Millichap’s new research shows
office vacancy slipped in Miami-Dade in the first half of 2013, offering
additional evidence of the market’s slow but steady progress toward a full recovery.
Vacancy will also
decline in the second half of the year, and property owners will make modest
headway in raising rents. Under-utilized space remains a key issue here, as it
does in nearly all metros.
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| Medical office campuses are growing |
The pace of hiring moderated recently, but jobs that have
been created over the past three years have been insufficient to generate
widespread and significant new space requirements.
Financial services employment, in particular, still has
considerable ground to cover to replenish the jobs lost during the recession,
but residential real estate finance payrolls could receive a lift from a
recovering housing market.
Medical fields also continue to emerge as a force for
growth, as exemplified in the steady rate of tenants moving into the University
of Miami Life Science & Technology Park.
Overall, progress in lowering vacancy will not be impeded by
construction, which remains minimal. In many instances and locations,
residential building is the most feasible use of developable land.
 |
| University of Miami Life, Science and Technology Park |
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations
Manager
Marcus &
Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
(925) 953-1700 ext.
1716
(510) 999-1284 mobile
(925) 953-1710 fax
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