Although there has been a tremendous change in the South Florida real estate market over the last couple of years, many of our readers may not realize that commercial real estate has been playing catch-up to the residential market. For years office buildings, warehouses and retail space have been fairly cheap to come by, with many areas simply sitting empty for long stretches of time. However, according to a recent report, the commercial property market appears to be bouncing back.
Even though our South Florida readers have seen time and time again ample evidence that the residential real estate sector has been performing admirably over the last year or so, it seems that the commercial real estate market is playing catch-up. The numbers concerning commercial property, such as retail sites, industrial property, warehouses and especially office buildings, pale in comparison to the red-hot residential sales and development figures. However, the gap may be closing.