South Florida Commercial Real Estate Market Recovering Steadily

by Isaac Benmergui, Esq on August 11, 2013

SafeMany commercial landlords felt the brutal bit of the Great Recession in their tenant base, and across the states it wasn’t unusual to find rental rates slashed by $10 per square foot, just to hang on to a tenant.

Real estate brokers even urged their clients not to renew their old leases because a new lease could be found elsewhere for a bargain price.

Now the as the economy balances itself out, balance is also returning to the commercial real estate market. Landlords are still generous with their tenants if the choice is between staying put or moving elsewhere to get a better rental rate, but those deals are getting harder to find.

In Palm Beach and Broward counties, high vacancies remain, but the numbers are holding steady or starting to decline. The two counties have seen nearly a dozen new, upscale office buildings open in recent months as owners see the strengthening economy and want to take earlier advantage tenants looking for new space as their business grows.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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