CB Richard Ellis Releases 2Q 2011 Statewide MarketViews for Florida
Miami, FL – July 28, 2011 – (RealEstateRama) — Market conditions have improved across Florida, but with little consistency between product types and classes, as reported by the CBRE 2Q 2011 Statewide MarketViews released today. CBRE MarketViews report on commercial real estate trends in the Florida. Markets tracked include Jacksonville, Orlando, Tampa Bay, and South Florida.
Below are key findings of the reports:
- Vacancy drops 10 basis points to 20.7% from year-over-year comparison.
- Palm Beach and Jacksonville vacancy have shed 180 basis points while Miami and Orlando have gained 20 and 60 basis points respectively.
- Rates continue to decline in all markets, dropping $0.55 per sq. ft., but these declines have slowed in most markets.
- 2011 absorption remains positive with over one-half million sq. ft., more than making up for the 350,000 sq. ft. lost in 2010.
- Over one million sq. ft. of office product remain under construction, all scheduled for delivery in 2011 with 75% of new product in Miami.
- Vacancy drops 90 basis points to 10.3% from year-over-year comparison.
- All markets vacancy has declined in the last 12 months with Miami and Palm Beach experiencing the largest declines.
- Rates continue to decline, averaging $5.09 NNN. Broward and Palm Beach are commanding the highest rates, averaging in the mid-to-high $6 per sq. ft.
- 2011 absorption posted almost 2.5 million sq. ft., anchored by Miami’s 1.8 million sq. ft.
- Only one small industrial property was delivered in 2011 and two remain under construction. Combined they will add over one-half million sq. ft. to the market this year.
- Vacancy drops 20 basis points to 8.0% from year-over year comparison, with Miami reporting the lowest vacancy of 5.2%.
- Rates are averaging $18.22, with Miami and Broward rates in the $20 per sq. ft. range.
- Year-to-date absorption totals over 200,000 sq. ft.
- Discounters such as Wal-Mart, Costco and Dollar Tree continue to expand across Florida.
- 1.3 million sq. ft. of retail product is under construction, with highest concentrations in Miami and Jacksonville.
CB Richard Ellis MarketViews for the state of Florida track office, industrial and retail properties with varying criteria per market. Please contact Florida Regional Research Manager, Donna Groves at donna.groves (at) cbre (dot) com for information for specific markets.
The full reports are available for download at the top of this email under Media Kit.
About CB Richard Ellis
CB Richard Ellis 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. CB Richard Ellis 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.