| The general definition of commercial real estate | | | | to rebound in 2009. The report also includes the |
| commonly involves referring to a vast array of | | | | firm's annual National Office Index, which analyzes |
| office buildings, licensed brokers, available listings, | | | | and ranks 43 office markets based on a series of |
| company agents, sale prices, high rise leases, loans | | | | 12-month, forward-looking supply and demand |
| agencies, developer conditions, offices, spaces | | | | indicators. Miami moves down six places this year |
| with views, for sale listings, special sales on office | | | | to No. 23. |
| rooms, lending agents, appraisal companies, leasing | | | | According to the regional manager of Marcus & |
| terms, public parks and auction prices for land. | | | | Millichap, properties in infill areas in North |
| The Miami commercial real estate scene, and the | | | | Miami-Dade County, Hialeah and Kendall will |
| whole of South Florida as well, continues to be | | | | continue to be attractive defensive investments, |
| buoyant despite the wrath brought about by the | | | | because of the area's record of steady tenant |
| mortgage crisis. While the residential market | | | | demand and difficulty adding new supply. The |
| continues to get a beating, the commercial | | | | reports highlights include: builders are expected to |
| property markets, although also feeling the brunt, | | | | complete 600,000 sf of for-lease space; vacancy |
| continue to attract buyers, and does not succumb | | | | is forecast to stay at 9.7% by year-end; asking |
| to the pinch caused by rising mortgage rates, | | | | rents are projected to increase by 4.6% to |
| foreclosures and falling median home values, | | | | $30.32 psf; and effective rents will rise 4.1% to |
| owing to the fact that commercial real estate | | | | $26.01 psf. |
| investors tend to be larger firms or investment | | | | The South Florida Region Continues To Rank High |
| trusts, and not individual home buyers. | | | | Among Commercial Real Estate Investment |
| Miami-Dade Office Markets Continue To Be | | | | According to Real Capital Analytics' recently |
| Attractive | | | | released report on global property market |
| The softer demand seen today in the office | | | | transactions, the South Florida region ranks 15th |
| space market will, according to analysts, result in | | | | globally for commercial real estate deals. The |
| a higher vacancy rate and a more moderate pace | | | | report is the first to exhaustively track |
| of rental growth in Miami-Dade County this year, | | | | transactions in major metropolitan areas globally, |
| although overall conditions will remain relatively | | | | and has tracked $1.04 trillion in office, industrial, |
| healthy, based on the 2008 National Office Report | | | | hotel, retail, land and apartment sales worldwide in |
| by Marcus & Millichap. | | | | 2007. In all, 114 metropolitan areas tallied more |
| Vacancies will increase this 2008, however the | | | | than $1 billion in transactions. |
| long-term outlook is positive, as demand is seen | | | | |