Thursday, December 23, 2010

Downtown Miami, FL Office Market estimated to be 25% Vacant !!!

Drawing from an article on December 21, 2010 in the Miami Herald by reporter Douglas Hanks….

Miami, FL Office Space Reportedly 25% Vacant!

600,000 sq ft, 47 story, I.M. Pei-designed “Miami Tower” recently sold for $106 million to Chicago investors.

That works out to a price of around $175.00 per sq ft. By comparison, In 2008, a Japanese company, Sumitomo, paid around $332.00 per sq ft for a similar high-profile, downtown Miami office building.

Here, I'm quoting directly from the article:

A recent report by CB Richard Ellis estimated downtown Miami's office buildings are about 75 percent full. That's compared to about 95 percent full when the real estate crash gained speed in 2008.

"Downtown Miami is experiencing the highest vacancy rate seen in years," the report said. Landlords "will need to offer aggressive terms to retain tenants and attract new tenants."

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Not directly related to the above ..... Google "the St Pete Times and Taj Mahal Courthouse" to read about the brand new Courthouse that just opened in Florida. Due to "arrogance of power and abuse of power", our Florida legislators and certain judges involved in the 1st District Court of Appeals managed to keep this project and the cost of the project under wraps until a reporter from the St Pete Times did an exhaustive investigation about the events that led to this incredibly wasteful, totally exorbitant, project in the midst of a deep recession.

This week, the Florida 1st District Court of Appeals moved into its brand-new “Taj Mahal”, 110,000 sq ft Court Facility. At a reported cost of around $50,000,000! That works out to a cost of $454.00 per sq ft. Even though Florida is buried in a deep recession, certainly our judges must be entitled to their new fancy digs!

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