Categorized | Commercial

Developers Enticed By Commercial Real Estate in Miami

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Miami’s commercial properties are looking better than ever among real estate developers. While the outlook of the real estate market in the rest of Florida continues to struggle, Miami has become the home of the latest commercial property boom

Commercial property vacancy rates continue to decline whereas occupancy rates have risen to the point that they are the highest in Florida. The city’s unemployment rate has almost reached record low levels, again setting it apart from neighboring cities.

Many developers are looking to get a piece of the success that others have enjoyed, and are thus looking to plan further construction of more retail shopping centers within the city. Miami has shown strong increases in retail sales, which is another major reason as to why it has become a very attractive location for commercial property development.

While many analysts believe the positive outlook of Miami’s commercial property market will continue, some businesses are still a bit wary of entering the area. Many businesses are paying top dollar for commercial property space, whereas others are a bit more cautious. The real estate managers of some businesses believe that the asking prices of some commercial properties are far too high in comparison to the rest of the market.

However, as the Miami economy continues to reach new peak levels, it will quickly establish itself as a safe investment despite the higher prices. With the increasing value and hot demand for Miami commercial real estate, one can be certain that other cities, particularly in Florida, are watching closely in hopes of duplicating the success in their own respective markets.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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