Like the slow motion of a cruise ship making a 180-degree turn, the high unemployment rate in South Florida eventually will head in a new direction. But until a sustained economic turnaround takes hold, landlords will face a fragile market for office space.
“It’s definitely a tenant’s market,” said Alan Kleber, senior director of the tenant advisory practice at the Miami office of Cushman & Wakefield. White-collar employment, the kind that fills office space, could start growing again this year, but “I would assume we’re not going to see that until the third or fourth quarter.”
