Evidently, recent data suggests that office vacancies are on the decline. In addition, regional and national retailers are expanding once again.
This has huge implications to the greater South Florida real estate market. After all, everything is connected when it comes to economics.
Thus, as the commercial real estate market continues to improve, that is only bound to help the residential real estate market continue to improve as well.
Commercial Real Estate in South Florida
According to the recent article I read in the Sun-Sentinel, office vacancies in both Broward County and Palm Beach County are down year-over-year, although they are still relatively high.
Here’s the most recent data on commercial real estate in South Florida:
- The office vacancy rate in Broward County was 14.3 percent from July to September, down from 14.6 percent a year ago.
- Meanwhile, Palm Beach County’s vacancy fell from 19.5 percent to 18.7 percent in that same year.
- Generally speaking, a strong market would have vacancy rates between 8 to 10 percent.
- During the third quarter of 2012, Broward County’s office rental rates fell from $24.75 to $23.75 when compared year-over-year.
- Meanwhile, rates in Palm Beach County fell from $26 to $25.75 during that same period.
- More restaurants and retail shops are leasing space as well.
Although these may seem like small improvements, this recent commercial real estate data suggests that the market is currently experiencing a rather positive trend.
This will pay off on the South Florida real estate market. After all, a more robust commercial real estate market will attract more workers and home buyers to the area – which will in turn create positive growth on the local housing market.
Buying and Selling South Florida Real Estate
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Until next time,