Availabity rate surpasses 14% as vacancy rate reaches 12% and gross rents fell to $5.00/sq.ft per year in Miami-Dade County. Companies downsizing and holding on expansion plans as the economy continues to worsen in many aspects. Construction stopped months ago and new projects are empty waiting for demand for new space to come back.
Until the local economy starts to recover slowly by the end of 2010 and if international markets keep their strengh in trading with US exports, we may see this market to start to recover by the end of 2011 but the process will be slow.
