Florida – October 21, 2011 – (RealEstateRama) — After suggestions of a ‘double-dip’ recession have subsided, third quarter statistics show Florida is still moving toward recovery, despite inconsistent trends. As reported in the State of Florida MarketView released by CBRE, the end of third quarter 2011 shows the following key findings:
Office Properties
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The Florida office market saw signs of recovery with positive absorption during the third quarter, which kept year-to-date absorption positive for the state.
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All three South Florida markets experienced increased vacancy during the third quarter while Tampa, Jacksonville and Orlando experienced declines in vacancy.
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Average asking lease rates continue to remain stable across the state during the third quarter.
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Developers remain reserved in starting new office product. Only one new project began construction during the third quarter, breaking ground in the Miami market.
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Office sales activity picked up during the third quarter in spite of volatility in the financial markets.
Industrial Properties
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The Florida industrial market continues to see signs of recovery with positive absorption and declining vacancy. As a result, asking lease rates have increased as competition for prime space returns to the market.
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The Miami market continues to set the pace for recovery with a higher rate of positive absorption and increased asking lease rates. Real estate professionals anticipate the return of speculative development in Miami within the next six months as demand for Class A warehouse has left inventories depleted.
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Investor sales in quality assets were key to the increased sales volume during the third quarter.
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The outlook for the Florida industrial market remains positive for the remainder of 2011 and leading into 2012.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
