New office leasing activity is on an upward trajectory in Broward and Palm Beach, but vacancy rates remain in the high double-digits in both counties, according to a recently released report.
Palm Beach County fared better than Broward in filling up vacant spaces in the fourth quarter of 2021, as well as boosting landlords’ confidence to raise rents. Palm Beach County also outperformed Miami-Dade County, where the overall vacancy rate hit 16 percent in the final quarter of 2021.
Broward landlords, on the other hand, were forced to provide more tenant concessions and space improvements, as new projects that came online affected vacancy rates, according to the report by Cushman & Wakefield.
Broward County
The vacancy rate in Broward jumped to 16.9 percent in 2021’s fourth quarter, compared to 14.7 percent during the same period of the previous year. The increase was due to new Class A office space coming online, including at The Main Las Olas mixed-use project (pictured above) in downtown Fort Lauderdale, according to the report. The project’s 387,402-square-foot office tower is more than 50 percent leased.
Still, new leases totaling 2.4 million square feet helped soften the vacancy blow in Broward during the last quarter of 2021, according to the report. Online pet retailer Chewy signed the tri-county region’s biggest lease of last year, inking a deal for 221,597-square-feet for the company’s new headquarters in a new two-building office project in Plantation developed by Midtown Capital Partners.
Most new tenants flocked to Broward’s suburban office submarkets in the fourth quarter, with only 20 percent of new leases in the Fort Lauderdale commercial business district, Cushman & Wakefield found. However, the number of new leases was not enough to offset tenants vacating spaces during the last 18 months, the report shows.
As a result, the overall average asking rent dipped to $35.30 in the most recent quarter, from $35.94 a square foot in 2020’s fourth quarter, according to the report.
“Landlords in both Class A and Class B assets were more aggressive with pricing, while offering more concessions, as well as higher tenant improvement amounts to make tenants sign deals,” the report states.
Palm Beach County
Palm Beach County’s office market outperformed Miami-Dade and Broward when it came to raising occupancy. The county’s overall vacancy rate ended the latest quarter at 13.2 percent, compared to 14.5 percent during the same period of 2020, according to the report.
New leasing activity jumped 77 percent, year over year, with tenants moving into more than 2.2 million square feet of new office space, the report shows. The Palm Beach market had a total positive absorption of 528,000 square feet in 2021, the highest since 2016.
As a result, landlords raised the average asking rent by 3.8 percent to $39.86 a square foot in the most recent quarter. In 2020’s fourth quarter, Palm Beach office tenants were paying an average rent of $38.40 a square foot. In the county’s commercial business district, which includes downtown West Palm Beach, Class A rents hit $65.42 a square foot, a 6.7 percent bump compared to the fourth quarter of 2020.
Palm Beach County’s office market performance likely fueled bullish investor activity, as a number of significant office deals closed last year, including a slate of acquisitions in West Palm Beach by developer Stephen Ross. On one of the sites, acquired for $20.1 million in July, Ross’ Related Companies is building the 25-story One Flagler, where two financial firms and a Greek restaurant have signed leases.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2022-02-06 17:29:212022-02-06 17:29:21A Tale Of Two Office Markets: Broward Vacancies Rose While Palm Beach County’s Decline
CBRE has facilitated the $81.15 million sale of the fee simple interest in Fairway Office Center in Palm Beach Gardens on behalf of NAI MHC and a JV Institutional Investment Manager.
Fairway Office Center is comprised of three Class-A office buildings totaling 222,682 square feet.
The sellers were exclusively represented by Christian Lee, José Lobón and Marcos Minaya with CBRE Capital Markets, with the assistance of CBRE’s Tom Rappa. The leasing broker for the property, Jason Sundook with NAI Merin Hunter Codman, also assisted in the marketing.
Currently 78 percent leased, Fairway Office Center is located on a 16-acre campus at 7108, 7111 and 7121 Fairway Drive. The property is being acquired by a joint venture of Parmenter Realty Partners and an affiliate of Prime Finance, representing their second recent office acquisition in South Florida.
“The seller did a fantastic job of institutionally maintaining the property reflected in increased rental rates as well as continued and historically high levels of occupancy. The $1.3 million in recent improvements to the buildings creates an exceptional opportunity to attract tenants. The new ownership plans to capitalize on the property’s highly desirable location and to continue to upgrade and amenitize the project,” said Minaya, a vice president with CBRE.
“Fairway Office Center is the only Class A office building in the North Palm Beach submarket that is adjacent to the Florida Turnpike. This strategic location, excellent connectivity and proximate amenities make Fairway Office Center an ideal office location for executives and employees alike,” added Lee, a vice chairman with CBRE.
“These high-quality buildings benefit from excellent transit access, nearby amenities, and the strong Palm Beach County leasing market. The migration of hedge funds and other financial services firms moving into the market drove nearly 250,000 square feet of new-to-market tenants in 2021. Our planned improvements will provide the finishes and amenities these new to market tenants are looking for,” said John Davidson, President and CEO of Parmenter Realty Partners.
The property’s location on PGA Boulevard is proximate to in-demand retail for the micro-market inclusive of Mirasol Walk, PGA Commons and Downtown PGA, placing it within a short drive to more than 50 restaurants and bars, 250 hotel rooms, 50 retail shops and two fitness centers.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2022-01-31 18:37:362022-01-31 18:37:36Palm Beach Office Campus Trades For $81 Million
Reese Stigliano, president of Stigliano Commercial Real Estate, announced the sale of 6501 & 6531 Park of Commerce Blvd. in Boca Raton.
The property consists of 2 multi-tenant office buildings totaling 52,000 square feet. The buildings are situated on 4.35 acres in the prestigious Park at Broken Sound, formerly known as Arvida Park of Commerce, located just north of Yamato Road west of I-95 in Boca Raton.
The sale closed on December 21 for $8.9 million, which equates to $170 per square foot. Stigliano represented the Buyer, Castle Boca, LLC, in the transaction. CBRE’s Jeff Kelly, Sean Kelly and Dave Wigoda represented the Seller, MTI PROPERTIES FLORIDA LLC.
According to Stigliano, “The transaction took over 6 months to close which is significantly longer than usual in today’s market.”
The Buyer assumed a $5.1 million existing Commercial Mortgage-Backed Securities (CMBS) Loan.
“CMBS loans are desirable due to lower interest rates but they are very expensive to prepay and the procedure to assume is arduous. Fortunately, the Seller and Buyer had the patience to work though the loan assumption process,” he added.
Stigliano Commercial Real Estate has also been appointed the exclusive leasing agent for the property, which has approximately 13,000 square feet of vacant space.
Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 40 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful brokerage career.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2022-01-16 10:29:242022-01-16 10:29:24Stigliano Closes Sale Of Boca Raton Office Buildings
A Maryland-based company acquired a portfolio of seven neighboring office buildings in West Palm Beach for $19.5 million.
West Palm Beach-based 340-500 Columbia Drive LLC sold the 109,237 square feet of office space at 340, 360, 380, 400, 420, 440 and 500 Columbia Drive. The buyers were Columbia Tract One through Three LLC, all managed by Angler Properties of Towson, Maryland.
Darryn Dunn and Tom Gibson of Palm Beach Gardens-based Asset Specialists brokered the deal. They are also the leasing managers of the property for the new owner. The price worked out to $179 a square foot.
Berger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented the seller, Rawworld Enterprises LLC, in the sale of its office/retail property located at 2495 East Commercial Boulevard in Fort Lauderdale.
Tricoastal Construction LLC paid $2,250,000 for the asset. The high-end residential construction company plans to convert the former vegan restaurant and dance studio to its corporate offices.
“The property generated substantial activity due to its excellent condition and prime location,” explained Hyatt. “It sold and closed in less than 4 months.”
The 6,657-square-foot building, which features Class A finishes throughout, is situated on .23 acres with 100 feet of frontage on E Commercial Blvd.
This is the second property that Hyatt has sold for this owner in the past two years.
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2022-01-02 19:28:522022-01-02 19:28:52Berger Commercial Realty’s Steve Hyatt Negotiates Sale Of Fort Lauderdale Office Building For Company HQ
Stiles has released to market 325 SW 26th Street in Fort Lauderdale, a supremely located, newly-renovated office/flex building situated on an oversized lot minutes from Fort Lauderdale International Airport and Port Everglades. Senior Vice President Kimberly Barbar is handling the sale.
Set on 0.77 acres, the ±10,052-square-foot building features both office and warehouse space, a remodeled interior and exterior, two commercial kitchens, new impact windows and doors and a large parking lot on both sides of the building. Situated less than a mile from the Fort Lauderdale-Hollywood International Airport and Port Everglades and minutes from I-595, the building also has prominent signage potential and superb access.
“I’m thrilled to list this rare opportunity in Broward County’s most desirable submarket, minutes from downtown,” said Barbar. “This building offers many desirable advantages including ample room for a modern office buildout, chic warehouse space and a ghost kitchen with a very large lot that is suitable for a wide array of uses.”
00SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2021-12-26 19:16:452021-12-26 19:16:45Stiles Lists Building in Highly Desirable Location Near Port Everglades, Fort Lauderdale Airport & I-595
A Tale Of Two Office Markets: Broward Vacancies Rose While Palm Beach County’s Decline
/in News/by SFOBA STAFFNew office leasing activity is on an upward trajectory in Broward and Palm Beach, but vacancy rates remain in the high double-digits in both counties, according to a recently released report.
Palm Beach County fared better than Broward in filling up vacant spaces in the fourth quarter of 2021, as well as boosting landlords’ confidence to raise rents. Palm Beach County also outperformed Miami-Dade County, where the overall vacancy rate hit 16 percent in the final quarter of 2021.
Broward landlords, on the other hand, were forced to provide more tenant concessions and space improvements, as new projects that came online affected vacancy rates, according to the report by Cushman & Wakefield.
Broward County
The vacancy rate in Broward jumped to 16.9 percent in 2021’s fourth quarter, compared to 14.7 percent during the same period of the previous year. The increase was due to new Class A office space coming online, including at The Main Las Olas mixed-use project (pictured above) in downtown Fort Lauderdale, according to the report. The project’s 387,402-square-foot office tower is more than 50 percent leased.
Still, new leases totaling 2.4 million square feet helped soften the vacancy blow in Broward during the last quarter of 2021, according to the report. Online pet retailer Chewy signed the tri-county region’s biggest lease of last year, inking a deal for 221,597-square-feet for the company’s new headquarters in a new two-building office project in Plantation developed by Midtown Capital Partners.
Most new tenants flocked to Broward’s suburban office submarkets in the fourth quarter, with only 20 percent of new leases in the Fort Lauderdale commercial business district, Cushman & Wakefield found. However, the number of new leases was not enough to offset tenants vacating spaces during the last 18 months, the report shows.
As a result, the overall average asking rent dipped to $35.30 in the most recent quarter, from $35.94 a square foot in 2020’s fourth quarter, according to the report.
Palm Beach County
Palm Beach County’s office market outperformed Miami-Dade and Broward when it came to raising occupancy. The county’s overall vacancy rate ended the latest quarter at 13.2 percent, compared to 14.5 percent during the same period of 2020, according to the report.
New leasing activity jumped 77 percent, year over year, with tenants moving into more than 2.2 million square feet of new office space, the report shows. The Palm Beach market had a total positive absorption of 528,000 square feet in 2021, the highest since 2016.
As a result, landlords raised the average asking rent by 3.8 percent to $39.86 a square foot in the most recent quarter. In 2020’s fourth quarter, Palm Beach office tenants were paying an average rent of $38.40 a square foot. In the county’s commercial business district, which includes downtown West Palm Beach, Class A rents hit $65.42 a square foot, a 6.7 percent bump compared to the fourth quarter of 2020.
Palm Beach County’s office market performance likely fueled bullish investor activity, as a number of significant office deals closed last year, including a slate of acquisitions in West Palm Beach by developer Stephen Ross. On one of the sites, acquired for $20.1 million in July, Ross’ Related Companies is building the 25-story One Flagler, where two financial firms and a Greek restaurant have signed leases.
Source: The Real Deal
Palm Beach Office Campus Trades For $81 Million
/in Done Deals, News/by SFOBA STAFFCBRE has facilitated the $81.15 million sale of the fee simple interest in Fairway Office Center in Palm Beach Gardens on behalf of NAI MHC and a JV Institutional Investment Manager.
Fairway Office Center is comprised of three Class-A office buildings totaling 222,682 square feet.
The sellers were exclusively represented by Christian Lee, José Lobón and Marcos Minaya with CBRE Capital Markets, with the assistance of CBRE’s Tom Rappa. The leasing broker for the property, Jason Sundook with NAI Merin Hunter Codman, also assisted in the marketing.
Currently 78 percent leased, Fairway Office Center is located on a 16-acre campus at 7108, 7111 and 7121 Fairway Drive. The property is being acquired by a joint venture of Parmenter Realty Partners and an affiliate of Prime Finance, representing their second recent office acquisition in South Florida.
The property’s location on PGA Boulevard is proximate to in-demand retail for the micro-market inclusive of Mirasol Walk, PGA Commons and Downtown PGA, placing it within a short drive to more than 50 restaurants and bars, 250 hotel rooms, 50 retail shops and two fitness centers.
Stigliano Closes Sale Of Boca Raton Office Buildings
/in Done Deals, News/by SFOBA STAFFReese Stigliano, president of Stigliano Commercial Real Estate, announced the sale of 6501 & 6531 Park of Commerce Blvd. in Boca Raton.
The property consists of 2 multi-tenant office buildings totaling 52,000 square feet. The buildings are situated on 4.35 acres in the prestigious Park at Broken Sound, formerly known as Arvida Park of Commerce, located just north of Yamato Road west of I-95 in Boca Raton.
The sale closed on December 21 for $8.9 million, which equates to $170 per square foot. Stigliano represented the Buyer, Castle Boca, LLC, in the transaction. CBRE’s Jeff Kelly, Sean Kelly and Dave Wigoda represented the Seller, MTI PROPERTIES FLORIDA LLC.
The Buyer assumed a $5.1 million existing Commercial Mortgage-Backed Securities (CMBS) Loan.
Stigliano Commercial Real Estate has also been appointed the exclusive leasing agent for the property, which has approximately 13,000 square feet of vacant space.
Reese Stigliano is a recognized leader in the South Florida commercial real estate market, with over 40 years of experience. As President, he focuses on land sales, investment sales and office leasing for the firm. Stigliano’s talent in bringing complicated commercial transactions to a close has been evident throughout his successful brokerage career.
West Palm Beach Office Properties Sell For $19.5M
/in Done Deals, News/by SFOBA STAFFA Maryland-based company acquired a portfolio of seven neighboring office buildings in West Palm Beach for $19.5 million.
West Palm Beach-based 340-500 Columbia Drive LLC sold the 109,237 square feet of office space at 340, 360, 380, 400, 420, 440 and 500 Columbia Drive. The buyers were Columbia Tract One through Three LLC, all managed by Angler Properties of Towson, Maryland.
Darryn Dunn and Tom Gibson of Palm Beach Gardens-based Asset Specialists brokered the deal. They are also the leasing managers of the property for the new owner. The price worked out to $179 a square foot.
Source: SFBJ
Berger Commercial Realty’s Steve Hyatt Negotiates Sale Of Fort Lauderdale Office Building For Company HQ
/in Done Deals, News/by SFOBA STAFFBerger Commercial Realty/Corfac International Senior Vice President Stephen Hyatt represented the seller, Rawworld Enterprises LLC, in the sale of its office/retail property located at 2495 East Commercial Boulevard in Fort Lauderdale.
Tricoastal Construction LLC paid $2,250,000 for the asset. The high-end residential construction company plans to convert the former vegan restaurant and dance studio to its corporate offices.
The 6,657-square-foot building, which features Class A finishes throughout, is situated on .23 acres with 100 feet of frontage on E Commercial Blvd.
This is the second property that Hyatt has sold for this owner in the past two years.
Stiles Lists Building in Highly Desirable Location Near Port Everglades, Fort Lauderdale Airport & I-595
/in News/by SFOBA STAFFStiles has released to market 325 SW 26th Street in Fort Lauderdale, a supremely located, newly-renovated office/flex building situated on an oversized lot minutes from Fort Lauderdale International Airport and Port Everglades. Senior Vice President Kimberly Barbar is handling the sale.
Set on 0.77 acres, the ±10,052-square-foot building features both office and warehouse space, a remodeled interior and exterior, two commercial kitchens, new impact windows and doors and a large parking lot on both sides of the building. Situated less than a mile from the Fort Lauderdale-Hollywood International Airport and Port Everglades and minutes from I-595, the building also has prominent signage potential and superb access.