Optimism for Miami office market

Prospects for the Miami office market beyond 2011 appear sold, according to a new report from Marcus & Millichap. A combination of factors, including a healthy pace of job growth and falling vacancy are driving optimism for the market. Miami continues to be a targeted location for the regional operations of European and Latin American companies, and the county’s emergence as an entry point for Asian companies seeking to expand their Latin American trade will bolster office demand as well, according to the report. Vacancy is predicted to fall by 10 basis points by the end of 2011. — Alexander Britell