Market conditions have improved across Florida in the second quarter, according to a report released today by CB Richard Ellis, but with little consistency in terms of product types and classes.
Office vacancy dropped 10 basis points to 20.5 percent in the first half 0f 2011, with Palm Beach and Jacksonville vacancy shedding 180 basis points and Miami and Orlando gaining 20 and 60 points, respectively. While rents dropped $0.55 per square foot, the report shows that declines in rents are slowing more generally.
Vacancy for industrial properties dropped 90 basis points to 10.3 percent. Miami and Palm Beach experience the quickest uptake in industrial property leasing.
Vacancy rates for retail space also decreased, 20 basis points to 8 percent, with Miami reporting the lowest vacancy rate at 5.2 percent. Rents averaged at around $18.22. — Katherine Clarke