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The health of the industrial, office and retail market in South Florida stayed relatively steady in late 2019.

Vacancy rates and asking rents dipped for most asset classes in Miami-Dade County while increasing for Broward, according to the Colliers International fourth quarter 2019 reports. An uptick in tourism, the population, wages and jobs is fueling the commercial real estate market, said Kenneth Krasnow, the Colliers International vice chairman of institutional investor services for Florida.

South Florida commercial real estate remained stable in late 2019

“The markets are still expanding,” said Krasnow. “We are building more supply but demand and supply are still in balance. The demand drivers are fundamentally in place. As long as the demand remains strong, then the market will remain healthy.”

But, Krasnow said, some office markets are expected to suffer in the future as more companies see South Florida as a region, each county complimenting the other, instead of three separate markets. The expansion of Virgin Trains will encourage companies to have one large office space in the county for the company’s largest employee population, and co-working spaces in the other counties.

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