Over the past year Miami’s office market experienced improvements at the hand of South American investors and it seems as though iis recent improvements are still being driven by foreign tenants. The Real Deal Miami recently reported that firms from South America and Europe are taking on more commercial leases which are helping to strengthen Miami’s market.
What first began as Latin Americans tapping into the troubled residential market eventually led to small office space investments, which are now being expanded into office leases that include 2,000-5,000 square feet. According to recent reports “the office sector’s progress hasn’t yet been reflected in rents and the vacancy rate has been dropping across the board, with Miami-Dade’s overall office vacancy down near 16 percent.” While a great deal of firms have come from Europe and South America other global companies are recognizing Miami’s international appeal and are also looking to expand to markets that Miami can run regionally.
Source: The Real Deal
