There is no doubt that the current real estate market has affected all of us, especially in the Miami office space arena. Our top Florida architects skyline is plagued with dozens of cranes frozen on the rooftop of undeveloped buildings. The economy simply cannot afford to complete construction right now. Now is NOT the time to buy or to complain. Now you can take advantage of renting or leasing a new office.
Office space in Miami for lease tells a story of today’s marketplace in South Florida. Office sales continue to fall as more Miami offices appear on the market for sale. Sellers are slow to lower their asking prices, which has resulted in a glut of office space in Miami for sale or lease.
According to data supplied by the Aventura, South Miami, Doral, Miami Beach and Northwestern Association of Realtors or their MLS, in April of ’06 there were 2,851 offices for sale in Miami-Dade County, and 213 offices sold during that month. Just 12 months later, results of Miami sales were dramatically different. In April of ’07, there were 8,083 on the market for sale in Dade, and 542 offices sold. The story was very similar with respect to offices for sale versus condominiums lease. For example, in April of 2006, there were 10,584 offices for sale, and 7,854 offices sold. One year later, in April of 2007 Miami-Dade County saw a whopping 16,784 offices for sale with a meager 526 units sold.
Some other interesting data affecting the Miami office space market addresses the amount of time it took for listed offices in Miami to sell. In April of ’06, Miami offices that sold were on the market for an average of 57 days, whereas in May of ’08 offices that sold have been listed for 76 days. Sellers feel that the market will comeback, but buyers are playing a patience game, and with a good reason. Office space in Miami is very slow to move and the market still has not bottomed out yet in Miami Dade County.
Because of the fallout many people in the Miami-Dade area have chose to either lease or rent their offices. It will give you all the benefits without the long-term contract and scary market prices the future has to offer. Many people who do this are well aware of the housing crisis in the real estate market. Miami office space real estate is a smart decision right now. This market is on your side.