Across South Florida there is very little office space under construction. Some say that translates to a huge demand for office space in three to four years
The partners acquired the 40-acre office and retail asset from TIAA-CREF for $194 million, and they have big changes in mind.
Commercial real estate property transaction volume is forecast to reach a 10-year high at $430 billion by 2016.
“The pace of demand can finally be described as good–without the caveat of ‘for this recovery.'”
With some parts of the economy humming, the commercial property outlook is strong — a draw for international as well as domestic investors, according to several industry analysts..
The lease transactions bring the building from 25% occupied a year ago to over 75% occupied today.