|Colliers International Market Reports | Third Quarter 2020|
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Retail | The third quarter of 2020 welcomed looser government mandated restrictions put in place to stop the spread of the coronavirus. As consumer confidence grows, and retail sales increase, interest in the resilient Miami-Dade, Palm Beach, Broward County retail market is expected to return.
Industrial | Despite Industrial being one of the few asset classes that saw an initial increase in demand, talks of a COVID-induced recession and struggling tenants have taken a toll on Palm Beach County’s industrial leasing activity, and Miami-Dade County's industrial rental rate and inquiries from new tenants. In Broward County, the marginal decrease in rental rates and steady rate of leasing activity reflects the perseverance of the market, although concerns are rising over recession woes and a forecasted weakened demand.
Office | In the third quarter of 2020, sublease deals and lease renewals saw increased interest from tenants as they continue to re-evaluate their spaces and business plans post-pandemic. In Broward County, the amount of sublease space increased 13.4% from last quarter, while Miami-Dade and Palm Beach County saw 42% and 43% respectively.
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Regional Market Transactions & Highlights
Miami-Dade, Broward, and Palm Beach counties
Vacancy & Absorption Rates
Notable Leasing Activity
User & Investment Sales
Submarket & County Breakdowns
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