MIAMI-At a time when downtown Miami and Brickell Avenue, just to the south of downtown, are benefiting from the influx of thousands of new residents, the office market in the area continues to chalk up higher vacancies. This is exacerbated by new projects coming to completion.

The Miami-Dade office market as a whole had 516,963 square feet of leasing activity in the first quarter of 2010, a 6.7% increase from the fourth quarter of 2009, according to a Cushman & Wakefield’s MarketBeat office report. Still, the overall vacancy rate increased to 18.5% from 17% for the same period.

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