The Real Deal Miami

Downtown Miami office glut looms

By Andres Savransky | September 24, 2008 04:25PM


From the September issue:

Commercial landlords were really looking forward to a Miami autumn. In
the spring, CB Richard Ellis released a study indicating that asking
rents in downtown Miami had risen 29 percent, faster than anywhere else
in North America.
But a sluggish economy and the impending arrival of three huge new
office towers over the next 18 months means downtown may be on the
verge of a downturn. Indications exist that the market is already
cooling off significantly.