South Florida vacancy rates decreased across the board in all sectors of commercial real estate in 2011.
Year end 2011 vacancy rates just released by CoStar for South Florida which includes Palm Beach, Broward and Miami Dade Counties, show a decrease vacancy in industrial, office and retail sectors.
Industrial vacancy decreased to 8.7%. There was a net absorption of over 3 million square feet for 2011. Largest leases for 2011 were all in Miami-Dade. They included: the 192,476 lease signed by Panalpina USA; the 176,348 square foot deal signed by Aeropost International Services; and the 166,000 square foot lease signed by Woodbridge Productions. Total industrial inventory in South Florida is 422 million square feet.
The South Florida Office marketed ended 2011 with a net absorption of 1.9 million square feet. Vacancy decreased to 14.5 %. Two of the largest leases in South Florida were both signed by Royal Caribbean Cruises Ltd. Royal Caribbean renewed one lease for 240,000 square foot lease another for 180,000 square foot. Total office market in South Florida is 223 million.
The South Florida retail market, with a net absorption of 2.3 million square feet, showed a decrease in vacancy to 6.2%. Total inventory of retail space in South Florida is 129 million square feet. One of the largest retail leases for 2011 was the 50,000 square foot lease that was signed with West Marine for their brand new Super Store located off of State Road 84 and Andrew Avenue in Fort Lauderdale.
Year end 2011 Costar reports for Industrial, Office and Retail are available on this site. You can access them by clicking on the following links: