Office, retail markets on road to recovery

From the South Florida Market report: While Miami’s residential market has experienced fast-paced growth during the past two years, the local office and retail market have had a slower go of it. The former saw a massive infusion of new space, thanks to the introduction of towers like 1450 Brickell, Brickell World Plaza and the Wells Fargo Financial Center, while the latter, particularly susceptible to the economy, was hard hit by the national retail recession.

But signs of strength are emerging, with a number of large-scale office and retail leases signed this year throughout South Florida, according to data provided to The Real Deal by Costar. [more]