Office leasing on upswing, but vacancies dampen need for new construction

From the May issue: South Florida’s office market isn’t as robust as its residential one — just like much of the rest of the country — but the slower pace of leasing comes with an upside: The surplus of inventory is keeping prices in check for tenants.

Less than a fifth of the commercial space in Miami-Dade and Broward counties — 18.1 percent and 18.7 percent, respectively — is available, about the same amount percentagewise as what’s available statewide, according to CBRE, the real estate service firm. Palm Beach County has roughly a quarter of its office space open. [more]