South Florida office market sees some recovery signs

South Florida's office market improved slowly during the third quarter.

The commercial real estate office market in the South Florida area is improving, but at a slower pace than expected, according to Colliers International.

Property management companies experienced a slight decline in office vacancies during the third quarter, as the rate fell to 14.3 percent. This was down from the previous figure of 14.6 percent recorded one year earlier, the firm said, according to the South Florida Sun Sentinel. While the figure dropped, a healthy office market is usually only 8 to 10 percent vacant.

"They're sensing that things are improving, but there's still plenty of uncertainty in the market," Sal Bonsignore, senior commercial associate for Colliers International, told the newspaper. "Landlords aren't quick to tell you to go someplace else, but they will draw the line."

When looking specifically at Palm Beach County, the vacancy rate was much higher, but experienced a decline during the third quarter, the report added. The third quarter figure was 18.7 percent, nearly one percentage point lower than the same quarter in 2011.

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