Over the next 12 months, over 3.6 million square feet of leases in South Florida commercial properties are set to expire, South Florida Business Journal reported.
The rush in lease expirations, which data provider Trepp uncovered in an analysis of loans packaged in commercial mortgage-backed securities, could be problematic for landlords unable to secure new tenants on the same terms as the deals that are in place now.
According to Trepp, 1.91 million square feet of retail, 1.15 million square feet of office and 484,225 square feet of industrial parcels have leases set to expire. In the region, this is spread across 181 properties. [South Florida Business Journal] —Julie Strickland