New Office Supply Looms Large
Globe St. reports: Office construction activity in this market would normally be considered a good thing, but not with unemployment nearing 10% and job reductions eroding demand for space. Consequently, Miami-Dade County is facing tough times with nearly two million square feet of new space slated for completion this year, further softening property fundamentals.
Real Capital Analytics identifies $240 million worth of troubled office assets in 12 properties totaling 2.4 million square feet within the Miami market. Miami is ranked seventh overall in the US in distress with a total of $4.6 billion, mostly involving development, apartment and hotel properties.
View the full article on Globe St.: New Office Supply Looms Large
Posted by: Mark Alferman