MIAMI—Avison Young is clearly making a push inFlorida. Acquiring two commercial real estatefirms in four days earlier this month is just one sign that thefirm is serious about its plans for the Sunshine State.

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Indeed, Avison has done—and continues to do—its homework.Keith O'Donnell, an Avison principal, has somekeen insights into what we can expect in Florida'scommercial real estate market, particularly theoffice market, in 2015.

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“2015 will be the return of the office marketin the 'burbs,” O'Donnell tells GlobeSt.com. “Almost every assetclass has recovered from its lowest valuations in 2008 and 2009 upto now, except for suburban office.”

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About 750,000 square feet of office space has been absorbed inMiami's urban core since the recession, according to a recentMiami Downtown Development Authority report. Thereport also reveals the office vacancy rate in Downtown Miami hasdramatically decreased in recent years and that trend is expectedto continue, buoyed by the residential growth in the area.

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“2015 will see the return of that asset class to where investorsand occupiers will drive innovations in select new verticaldevelopment projects,” O'Donnell says. “Prices will command apremium due to the lack of land and rising constructioncosts, but the disappearing blocks of quality space and thecontinued maturity of South Florida will influence thisactivity.”

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Avison is acquiring Abood Wood-Fay Real EstateGroup, which is currently doing business asColliers International South Florida, it announcedon November 10. Four days later, the firm acquired Orlando-based Morrison Commercial RealEstate (MCRE).

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