The Related Companies will gamble a quarter of a million dollars to
convert Downtown West Palm Beach residential lofts to office space, a
move with millions of dollars at stake. Over the next two months, Related will convert the live/work lofts on Rosemary Avenue in CityPlace to premium office space called the Offices at CityPlace North. Related will also refurbish two elevators that service both floors of offices, upgrade lighting fixtures, install new hardware and tenant signage and give the building a fresh coat of paint as part of its effort to retain and attract tenants. [more]

Miami is an international city, and some of its real estate troubles come from woes beyond its borders. Industrial vacancy is expected to rise and rents fall in Miami-Dade
County this year, according to the Midyear 2009 National Industrial Report by
Marcus & Millichap. The firm predicts a drop in international trade
will decrease the space needs of importers and exporters. South Florida’s international trade numbers reflect its connection to
the global recession, particularly the lagging performance of Latin
America. The Miami Customs District saw international trade fall 12.8
percent — more than $3.6 billion — in the first four months of the
year, according to WorldCity, a Coral Gables-based media company that
analyzes trade statistics. [more]