Tenants to take upper hand in 2013 South Florida office market

Miami /
Jan.January 03, 2013 12:45 PM

In the world of South Florida office leasing, it’s set to be a tenant’s market in 2013. Already, tenants in Boca Raton and Fort Lauderdale are negotiating for better deals and concessions on their leases, the Sun Sentinel reported. “Building owners are going after quality, credit tenants very aggressively,” said Kevin McCarthy, a vice president with Jones Lang LaSalle in Palm Beach County. Competition for those tenants is stiff.

Meanwhile, rates and occupancy levels remained reasonably consistent throughout 2012 and some brokers are confident that the market has bottomed out.

“I think we’re bouncing along the bottom,” said Peter Reed of Commercial Florida Realty Services in Boca Raton.

On the flip side, retail landlords are set to benefit this year from an increase in consumer confidence and limited availability of prime spaces due to lack of new construction, the Sentinel said. [Sun Sentinel]Katherine Clarke


Related Articles

arrow_forward_ios
20200 West Dixie Highway, Miami with Harry Dornbusch and Dr. Joshua Lampert (Google Maps)

Aventura office condo owners allege construction defects at Beacon Tower

Aventura office condo owners allege construction defects at Beacon Tower
Commissioner Ricky Arriola (iStock)

Miami Beach asks for offers to develop lots near Lincoln Road

Miami Beach asks for offers to develop lots near Lincoln Road
Lexington Realty Trust's Wilson Eglin and 5600 Broken Sound Boulevard, Boca Raton (Google Maps)

HSBC to take over Boca Raton office building following foreclosure auction

HSBC to take over Boca Raton office building following foreclosure auction
Javier Lopez and 2525 Ponce de Leon Boulevard, Coral Gables (Credit: Google Maps)

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic
UDT CEO Henry Fleches and Midtown Capital CEO Alejandro Velez with 2900 Monarch Lakes Boulevard (Miramar Parks & Rec, Midtown Capital, Cushman & Wakefield)

Midtown Capital Partners buys Miramar office center for $23M

Midtown Capital Partners buys Miramar office center for $23M
Despite record high office vacancies across South Florida, average asking rates hit new highs

South Florida Q3 office rents hit record high, despite higher vacancies

South Florida Q3 office rents hit record high, despite higher vacancies
Tere Blanca and the Aventura office complex (Credit: Google Maps)

Aventura office complex Optima inks new leases

Aventura office complex Optima inks new leases
2290 and 2328 10th Avenue N, Lake Worth

Lake Worth Beach office buildings sell for $11M

Lake Worth Beach office buildings sell for $11M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...