Office space rentals heat up in Palm Beach and Miami-Dade

Cushman & Wakefield reported that both Palm Beach and Miami-Dade Counties are included in the top 10 nationwide in demand for office space and rent growth for the first quarter of 2016.

From January until March, Miami-Dade County ranked second and consumed 907,000 square feet for office space, just behind Metro Denver’s 909, 000 square feet. Miami-Dade ranked 6th place overall with an 11.8% rental rate appreciation since 2015.

Palm Beach County consumed a total of 518, 00 square feet and ranked 10th. Overall, Palm Beach County ranked 7th with a 11.7% rental rate appreciation whereas Broward County rent remained the same.

Meanwhile, Miami Property management announced that the Southern Palm Crossing shopping center located at South Boulevard, west of state road 7 in Royal Palm Beach has been sold for $78.5 million.

The 348, 00 square feet shopping center was sold by an affiliation of Gertz Builders & Development Inc. of Fort Lauderdale to New York based Blackstone Real Estate Advisors. The shopping center was constructed last 2007, some of its tenants include Shane’s Rib Shack, Outback Steakhouse and Bru’s Room. Rick Gertz of Gertz Builders & Development mentioned that the Developers intend to break ground on the first of August this year.

Source: www.sun-sentinel.com