Downtown Miami office market hints at turnaround: report

Downtown Miami’s office market, which has struggled in comparison to its residential counterpart, is showing signs of a revival, according to Miami Today. With declining vacancy and an improved economy, a turnaround could be two years away. “It is expected that in approximately 24 months, the market will shift in favor of landlords as vacancies drop below 10 percent,” the Commercial Industrial Association of South Florida said in its annual Office Market Report. “The office market remains a tenant’s market, however concessions are less generous than they were a year ago for Class A space.” There is currently 35.5 million square feet of space in Miami-Dade County, a 20.4 percent vacancy rate. [Miami Today]