While the commercial real estate sector in South Florida has remained somewhat healthy during the HousingBath, AP predicts 2009 will be the turning point. "Industry watchers expect the national recession, new supply of offices and shopping centers and a crippled housing market to finally hit the city's property rents and vacancies this year." The decision last month by Whole Foods to pull out of the Met 2 development in downtown Miami offers an overpriced, organic taste of what's to come. Real estate analysts say three new projects alone will add over 2 million square feet of office space in downtown Miami. Rents which have topped out in the $40 per square foot range in recent months are expecting to fall to the $20-30 range over the course of the next two years. Another retail sign of the times is visible up the road in Palm Beach where Macy's will close a store that has been open since 1967.Saturday, January 10, 2009
HousingBath Spilling Over Into Retail Sector
While the commercial real estate sector in South Florida has remained somewhat healthy during the HousingBath, AP predicts 2009 will be the turning point. "Industry watchers expect the national recession, new supply of offices and shopping centers and a crippled housing market to finally hit the city's property rents and vacancies this year." The decision last month by Whole Foods to pull out of the Met 2 development in downtown Miami offers an overpriced, organic taste of what's to come. Real estate analysts say three new projects alone will add over 2 million square feet of office space in downtown Miami. Rents which have topped out in the $40 per square foot range in recent months are expecting to fall to the $20-30 range over the course of the next two years. Another retail sign of the times is visible up the road in Palm Beach where Macy's will close a store that has been open since 1967.
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