January 26, 2012 – (RealEstateRama) — CBRE released today the State of Florida MarketViews for fourth quarter 2011. The CBRE MarketView reports cover office, industrial and retail properties in Florida’s Jacksonville, Orlando, Tampa Bay, and South Florida markets. Below are key findings:
Office Properties
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Florida’s office market experienced year-end positive absorption for the first time since 2007
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Asking lease rates continue to stabilize across the state
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Construction levels of office product continue to decline
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Sales transactions picked up in 2011 compared to 2010
Industrial Properties
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Florida’s industrial market continued to see declines in vacancy during fourth quarter
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Asking lease rates declined, but pockets of recovering rates are evident in the local markets
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One speculative development broke ground during the fourth quarter with additional product anticipated to begin construction in the first half of 2012
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Sales volume for the year increased slightly over 2010 levels
Retail Properties
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The Florida retail vacancy rate is the lowest compared to office and industrial
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Retail asking lease rates increased throughout 2011
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Retailers continue to “right size” their stores
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Sales volume remained stable from 2010 levels
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
