South Florida Office Properties Feeling the Credit Crunch
This morning, I was reading Commercial Property News… The flood of vacant office space and slowing economy in Miami, Florida are starting to drive down office rents in South Florida, particularly in the CBD areas. Not just Miami, but West Palm Beach and Fort Lauderdale are also feeling the pinch of the credit crisis. Florida, being one of the hardest hit real estate markets due to the real estate flips and condo conversion craze, many mortgage companies and banks are laying off workers and cutting office space. For more information, please visit this article.. Click here for more information from CPN.
Let’s hope the office market does to fail in other cities as commercial banks continue to reduce their operations.
August 4th, 2008 at 11:02 pm
Yeah, the subprime crisis is hurting everywhere. I live in Seattle and the I’m feeling it too. Recently, I read an article on the Seattle Times saying that in 2008 and 2009, there are like 3 million square feet of office space coming up for lease in the Seattle Downtown. Our largest Downtown employers are suffering. WAMU bank is facing huge losses, while the insurance company Safeco just got bought up by Washington Mutual. Let’s hope the high tech sector can hold up.