The Real Deal Miami

Strong 1Q for Florida commercial

April 15, 2011 12:57PM

Florida’s commercial real estate market sustained its momentum from the
previous quarter, with an increase in activity in South Florida compared
to the north, according to a report from CB Richard Ellis. “The first
quarter sustained the positive trends of last,” said Mary Jo Eaton,
senior managing director at CBRE for Florida in a statement. Statewide
net absorption for the quarter was 254,488 square feet, with Tampa Bay
leading the way. On the industrial side, Miami saw signs of improvement,
with a 7.8 percent vacancy compared to a 10.3 percent statewide rate,
along with 14 properties trading for nearly $140 million, which
accounted for 75 percent of the industrial sales in Florida in the first
quarter. TRD