Broward County has the lowest vacancy rate reported in South Florida.
However, the area’s strong ties to the residential sector is expected to hinder sizeable job growth through the coming year.
No significant shifts are expected for the office sector in Fort Lauderdale and its suburban submarkets. A balance between demand and supply will likely continue through the majority of 2012.
Renewals and relocations will continue to dominate transaction activity as tenants in the market take advantage of space opportunities.
Conversely, the Palm Beach market holds the highest vacancy rate throughout Florida.
The market continued its leveling recovery as sluggish economic growth and lackluster improvements in the housing sector hinder significant expansions in employment. The office sector has seen moderate declines in vacancy since the 23.8 percent peak in first quarter of 2010.
To view the reports in their entirety, click on the links below:
Eric Messer is Research Services Manager for Grubb & Ellis Company in Boca Raton. He can be reached at eric.messer@grubb-ellis.com.
https://sfoba.com/wp-content/uploads/2012/02/day-and-night.png270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2012-02-14 16:50:292012-02-14 16:50:29Broward And Palm Beach At Opposite Ends Of Vacancy Spectrum
Competition to attract tenants is fierce among landlords after a few years of declining occupancy and lease rates. With stronger market confidence, new companies are beginning to enter the market or re-approaching expansion needs. In the Downtown West Palm Beach submarket, Esperanté Corporate Center is ahead of competing towers, having signed all three of the active space requirements for Class A space in downtown.
In the past 45 days, Esperanté signed AMEC, Tremont Partners and Lang Realty, accounting for more than 6,000 square feet of new leases—all of which counts toward positive absorption in the Downtown West Palm Beach submarket.
Lang Realty was the most recent of the three to sign. The deal closed yesterday for 2,233 square feet. Lang has a second location in downtown that they will continue to occupy.
Esperanté Corporate Center is a 256,000-square-foot Class A office tower located at 222 Lakeview Avenue. Owned by CBRE Global Investors, the LEED Gold certified building features WiFi-enabled common areas, a 24/7 lobby attendant, valet parking and a six-story atrium. The property is also part of CBRE Global Investors’ ‘5-Star Worldwide’ program designed to offer tenants at select Class A office buildings worldwide access to the amenities of member buildings, including concierge services, conference centers and fitness centers.
“As an owner, CBRE Global Investors offers unmatched amenity capabilities and financial stability,” said Anthony Librizzi, Vice President with CBRE in West Palm Beach. “New tenants are very excited to become members of the premium tenant program and enjoy the rich amenities of this trophy asset.”
Librizzi and CBRE Senior Vice President Jeff Kelly lead landlord representation and leasing services as part of the CBRE leasing and management team at Esperante Corporate Center. CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc.
https://sfoba.com/wp-content/uploads/2012/02/esperante.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2012-02-08 21:09:072012-02-08 21:09:07Three New Tenants Ink Deals At Esperanté
Rumor has it that with the approved sale of Ruden McClosky’s assets to Greenspoon Marder, 200 East Broward Blvd. will add three floors, or approximately 30,000 square feet, back into their available inventory. The 225,000 square foot office building is currently 48% vacant, with 108,158 square feet available, according to CRE-sources data.
The law firm will retain a presence in the building, occupying one of the four floors it currently leases, according to sources.
Last November, Ruden McClosky announced that the US Bankruptcy Court for the Southern District of Florida had approved the sale of its assets to the Greenspoon Marder law firm. As approved, the sale will result in combined operations totaling approximately 140 attorneys and 400 staff members located in 10 offices throughout the state.
Greenspoon’s South Florida offices are located at the Trade Centre South building, at 100 West Cypress Creek Road in uptown Fort Lauderdale. Greenspoon Marder also has offices in Aventura, Boca Raton, West Palm Beach, Stuart and Orlando.
Approximately 50 Ruden McClosky attorneys will continue their practices under the Greenspoon Marder name.
The vacancy at 200 E. Broward is reported to take place in late March.
https://sfoba.com/wp-content/uploads/2012/02/200-east-broward.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2012-02-07 16:33:352012-02-07 16:33:35200 E Broward Rumored To Gain Back 3 Floors
Not only are local brokers playing musical chairs. It seems as though Cabot is also in on the game with the leasing representation of Corporate Center.
Now that Mike Wilson has departed Grubb & Ellis and joined CBRE, Robert McCullough has officially taken over the leasing assignment at Corporate Center.
https://sfoba.com/wp-content/uploads/2011/09/corporate-center.png270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2012-02-01 20:57:582012-02-01 20:57:58Corporate Center Has New Representation…Again.
Since then, we learned that Maggie Kurtz and Diana Parker have also abandoned their ship at Cushman & Wakefield to set sail with CBRE.
Maggie and Diana each have over 20 years experience in South Florida. They have gained notoriety for their extensive experience in marketing Class A office developments as well as providing tenant representation to many Fortune 500 companies. Both Kurtz and Parker join CBRE as Senior Vice Presidents.
Their extensive experience is underscored by their alignment with the development and leasing of high caliber office parks. Clients have included Equitable Life Insurance Company, Tishman Speyer Properties, ING Clarion, USAA Realty, Deka Immobilien GmbH, The Graham Companies and Testa Inmuebles to name a few.
A sampling of the team’s tenant representation clients includes Elizabeth Arden (corporate headquarters relocation), Starbucks Corporation, Cordis Corporation, Hewlett-Packard Company, Johnson & Johnson (Latin America headquarters) and General Electric.
We also discovered that Richard Schuchts and Jones Lang LaSalle parted ways in December and Richard has set up his own shop, SQFT Capital Advisors, where he will continue to service both owners and tenants.
Joe Byrnes rounds out our musical chairs report. Joe recently joined the ranks at Berger Commercial. Joe has 25 years of experience in many facets of the commercial real estate business, spending the last 13+ years with ComReal Ft. Lauderdale.
https://sfoba.com/wp-content/uploads/2012/01/greener-pastures.jpg270275SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2012-01-31 16:16:122012-01-31 16:16:12More Brokers Opt For Greener Pastures
Owen Sagar and Michael Wilson have both parted ways with Grubb & Ellis, and have set up shop with CBRE, effective this past Monday, January 23rd.
Owen, held the position of Senior Vice President with Grubb & Ellis Company since 2004. Mike also was a Senior Vice President, based in the Boca Raton office.
Both Owen and Mike will work together as a team in their new roles and have, reportedly, taken their listings with them.
https://sfoba.com/wp-content/uploads/2012/04/014.jpg6501000SFOBA STAFFhttps://dev.sfoba.com/wp-content/uploads/2026/08/SFOBA-logo-sharpened-transparent.pngSFOBA STAFF2012-01-26 02:20:042012-01-26 02:20:04Sagar And Wilson Find New Home
Broward And Palm Beach At Opposite Ends Of Vacancy Spectrum
/in News, Trends/by SFOBA STAFFBy Eric Messer
Broward County has the lowest vacancy rate reported in South Florida.
However, the area’s strong ties to the residential sector is expected to hinder sizeable job growth through the coming year.
No significant shifts are expected for the office sector in Fort Lauderdale and its suburban submarkets. A balance between demand and supply will likely continue through the majority of 2012.
Renewals and relocations will continue to dominate transaction activity as tenants in the market take advantage of space opportunities.
Conversely, the Palm Beach market holds the highest vacancy rate throughout Florida.
The market continued its leveling recovery as sluggish economic growth and lackluster improvements in the housing sector hinder significant expansions in employment. The office sector has seen moderate declines in vacancy since the 23.8 percent peak in first quarter of 2010.
To view the reports in their entirety, click on the links below:
4Q11 Broward Office Market Trends Report
4Q11 Palm Beach Office Market Trends Report
Eric Messer is Research Services Manager for Grubb & Ellis Company in Boca Raton. He can be reached at eric.messer@grubb-ellis.com.
Three New Tenants Ink Deals At Esperanté
/in Done Deals/by SFOBA STAFFCompetition to attract tenants is fierce among landlords after a few years of declining occupancy and lease rates. With stronger market confidence, new companies are beginning to enter the market or re-approaching expansion needs. In the Downtown West Palm Beach submarket, Esperanté Corporate Center is ahead of competing towers, having signed all three of the active space requirements for Class A space in downtown.
In the past 45 days, Esperanté signed AMEC, Tremont Partners and Lang Realty, accounting for more than 6,000 square feet of new leases—all of which counts toward positive absorption in the Downtown West Palm Beach submarket.
Lang Realty was the most recent of the three to sign. The deal closed yesterday for 2,233 square feet. Lang has a second location in downtown that they will continue to occupy.
Esperanté Corporate Center is a 256,000-square-foot Class A office tower located at 222 Lakeview Avenue. Owned by CBRE Global Investors, the LEED Gold certified building features WiFi-enabled common areas, a 24/7 lobby attendant, valet parking and a six-story atrium. The property is also part of CBRE Global Investors’ ‘5-Star Worldwide’ program designed to offer tenants at select Class A office buildings worldwide access to the amenities of member buildings, including concierge services, conference centers and fitness centers.
“As an owner, CBRE Global Investors offers unmatched amenity capabilities and financial stability,” said Anthony Librizzi, Vice President with CBRE in West Palm Beach. “New tenants are very excited to become members of the premium tenant program and enjoy the rich amenities of this trophy asset.”
Librizzi and CBRE Senior Vice President Jeff Kelly lead landlord representation and leasing services as part of the CBRE leasing and management team at Esperante Corporate Center. CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc.
200 E Broward Rumored To Gain Back 3 Floors
/in Rumors/by SFOBA STAFFRumor has it that with the approved sale of Ruden McClosky’s assets to Greenspoon Marder, 200 East Broward Blvd. will add three floors, or approximately 30,000 square feet, back into their available inventory. The 225,000 square foot office building is currently 48% vacant, with 108,158 square feet available, according to CRE-sources data.
The law firm will retain a presence in the building, occupying one of the four floors it currently leases, according to sources.
Last November, Ruden McClosky announced that the US Bankruptcy Court for the Southern District of Florida had approved the sale of its assets to the Greenspoon Marder law firm. As approved, the sale will result in combined operations totaling approximately 140 attorneys and 400 staff members located in 10 offices throughout the state.
Greenspoon’s South Florida offices are located at the Trade Centre South building, at 100 West Cypress Creek Road in uptown Fort Lauderdale. Greenspoon Marder also has offices in Aventura, Boca Raton, West Palm Beach, Stuart and Orlando.
Approximately 50 Ruden McClosky attorneys will continue their practices under the Greenspoon Marder name.
The vacancy at 200 E. Broward is reported to take place in late March.
Corporate Center Has New Representation…Again.
/in News/by SFOBA STAFFNot only are local brokers playing musical chairs. It seems as though Cabot is also in on the game with the leasing representation of Corporate Center.
Now that Mike Wilson has departed Grubb & Ellis and joined CBRE, Robert McCullough has officially taken over the leasing assignment at Corporate Center.
If you recall, Mike Wilson had been awarded the assignment after Deanna Lobinsky and her team pulled out of their leasing representation agreement with Corporate Center in September, along with all of their other Cabot assignments.
More Brokers Opt For Greener Pastures
/in News/by SFOBA STAFFSeems to be the season for the changing of the guards.
Last week, we reported that Owen Sagar and Michael Wilson both set up shop with CBRE.
Since then, we learned that Maggie Kurtz and Diana Parker have also abandoned their ship at Cushman & Wakefield to set sail with CBRE.
Maggie and Diana each have over 20 years experience in South Florida. They have gained notoriety for their extensive experience in marketing Class A office developments as well as providing tenant representation to many Fortune 500 companies. Both Kurtz and Parker join CBRE as Senior Vice Presidents.
Their extensive experience is underscored by their alignment with the development and leasing of high caliber office parks. Clients have included Equitable Life Insurance Company, Tishman Speyer Properties, ING Clarion, USAA Realty, Deka Immobilien GmbH, The Graham Companies and Testa Inmuebles to name a few.
A sampling of the team’s tenant representation clients includes Elizabeth Arden (corporate headquarters relocation), Starbucks Corporation, Cordis Corporation, Hewlett-Packard Company, Johnson & Johnson (Latin America headquarters) and General Electric.
We also discovered that Richard Schuchts and Jones Lang LaSalle parted ways in December and Richard has set up his own shop, SQFT Capital Advisors, where he will continue to service both owners and tenants.
Joe Byrnes rounds out our musical chairs report. Joe recently joined the ranks at Berger Commercial. Joe has 25 years of experience in many facets of the commercial real estate business, spending the last 13+ years with ComReal Ft. Lauderdale.
Sagar And Wilson Find New Home
/in News/by SFOBA STAFFOwen Sagar and Michael Wilson have both parted ways with Grubb & Ellis, and have set up shop with CBRE, effective this past Monday, January 23rd.
Owen, held the position of Senior Vice President with Grubb & Ellis Company since 2004. Mike also was a Senior Vice President, based in the Boca Raton office.
Both Owen and Mike will work together as a team in their new roles and have, reportedly, taken their listings with them.