“Over the last 10 years, we haven’t seen [enough] new office demand for us to be in a position to build new office,” m2e client, Stiles Corp. President Scott MacLaren said. “Now we have seen supply and demand move to a point that demands [building].”
Through the first eight months of 2017, residential construction starts in South Florida dipped 29 percent to $3.43 billion, mostly because of a slowdown in the condo market, according to Dodge Data & Analytics. Nonresidential construction starts, which include multiple types of commercial real estate, were up 36 percent to $3.8 billion.
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