The Miami marketplace has made significant gains since the beginning of 2012, making it one of the healthiest commercial real estate markets in the country.
According to the National Association of Realtor's February Commercial Real Estate Outlook, commercial vacancies in Miami are lower than the national average in all four sectors - office, industrial, retail and multifamily. A slowdown in commercial development is believed to be responsible for these notable improvements.
"There was no overbuilding in the South Florida industrial market and almost no new construction during the past three years," said Miami Realtors president John Dohm. "Meanwhile, there is considerable pent-up demand due to lease expirations, the improving economy, and the continued strong trade with the southern hemisphere."
Additionally, further improvements are expected in the coming years, as a number of industry professionals referencing new real estate data, forecast a spike in commercial rent growth in the metro area. Specifically, multifamily rent is expected to increase 4 percent by 2013, compared to 2.2 percent growth recorded in 2011.