Colliers International South Q3 2010 Commercial Real Estate Overview points to signs that the commercial real estate market in Miami is no longer declining and begining to find its footing. Vacancy rates for office are still a touch above 15% and lease rates are about $30 per square foot but have stayed in this new norm for about the last 18 months, neither improving nor deteriorating. According to the report, industrial vacancy is currently at 9.5% and retail vacancy is only 6%, which is the lowest in the state. While there may be some competition among landlords leading to some softness in rents, there does not seem to be the desperation or fear that prevailed in the marketplace a year ago. As long as there are no exogenous shocks to the national economy, we are likely at the bottom plateau of this cycle and a relative equilibrium where things are able to improve from here.
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