Distress call: Office rents tumble in Miami-Dade and Palm Beach counties in third quarter

A slumping South Florida office market has some landlords and developers seeking exit strategies.  Asking rents tumbled in Miami-Dade and Palm Beach counties in the third quarter, as demand for office space plateaued compared to the same period of last year, a JLL report shows.  Meanwhile, a handful of distressed properties traded, as some owners sought to cut their losses. For instance, developer Michael Shvo last month sold his assemblage at 1656-1680 Alton Road in Miami Beach, including the former Epicure Gourmet Market & Cafe building, for $28.2 million to New York-based Infinity Collective.  In 2022, Shvo paid $39.3 million […]

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