Vacancies on rise at South Florida shopping centers as economy worsens
The housing woes are spilling over to commercial real estate.
Cracks are evident in the office and retail sectors in South Florida and nationwide, according to real estate analysts and brokers.
“We’re definitely seeing things slow down,” said David Luther, a senior associate at Marcus & Millichap, a Fort Lauderdale-based real estate firm. “Homeowners’ concerns affect consumer spending, and that affects the stability of leases in the office and retail markets.”
Just last year, the office market here was hot, fueled by two megadeals.