Office market improving in Miami

The Miami office market is slowly improving.

A panel of commercial real estate professionals in Miami-Dade County recently noted that the local office market has made significant strides in the past few months, but property management companies may need to dial back hopes of a full recovery, as it could be ways off, according to Miami Today.

The Commercial Industrial Association of South Florida's panel noted that the turnaround of the county's market could take another two years. Class A properties have fared the best in the area, but lower-quality properties have not had significant success, and the market for these properties has a clear advantage for the tenants, the news source reported.

"The economy is definitely doing better," said Juan Ruiz, director at Codina Realty Services and panelist at the event, according to the news source. "But it will be two years [for a true rebound]. The good news is at least we're well-positioned for a turnaround."

Vacancy levels are still high, which could contribute to a lack of price increases, the news source added. During the first quarter, the panel explained that more than 20 percent of office space in the county was vacant, while rent was only $31.61 per square foot, on average.

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