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