Miami Office Space – 3rd Quarter Statistics

Miami office space - Miami Commercial Real Estate

Vacancy rates for office space in cities have been rising throughout the United States and in South Florida. But the situation is especially serious for Miami because its downtown market needs to absorb 1.3 million square feet of new Miami office space. This comes at a time when businesses throughout the region and across the country have been contracting.

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Florida Construction Market, Miami Real Estate

Florida Construction Market to Increase 11% Next Year

According to McGraw-Hill Construction’s annual industry outlook, the level of construction starts in 2010 is expected to jump 11% to $466.2 billion. This is great news for Miami real estate.

Improvements in the Miami housing market and public works construction is expected to help the Miami real estate bounce back from a 25% decline that is predicted for 2009.

Robert Murray, vice president of economic affairs for McGraw-Hill Construction, which is part of the McGraw-Hill Costruction said, “The U.S. construction market in 2010 will be helped by growth for several sectors, following three straight years of decline that brought total construction activity down 39% from its mid-decade peak.”

Full article...Florida Construction Market, Miami Real Estate