Medical Pros Buck Trend In Office Condo Market
Miami Today | By: Robert Ullman
Medical offices are a niche of activity in a slow office condominium market, says Kenneth Weston, president of Kenneth Weston and Associates, a real estate brokerage firm specializing in the product.
Although low lease rates have made renting attractive, doctors - who often want to stay in one place for a long time - look for permanent space, he says. "Office ownership isn't for everybody," he says. "These people really don't move that often".
And despite a glut in office space throughout Miami, he says there are still areas that need quality space. He said he hopes to renovate a building near South Miami Hospital into an office condominium to help meet the need.
Many medical professionals locate near hospitals for convenience, he says. "You can go to every hospital around town and there are office condos that are doing well."