Market Report: Broward’s Office & Industrial Vacancy Rates Drop

By Eric Messer, Research Services Manager, Newmark Grubb Knight Frank

Broward County’s commercial markets chugged along in 2012 as modest positive absorption pushed vacancy rates lower for both sectors.

Broward County’s office market continued to hold the lowest vacancy rate while industrial posted the highest in South Florida, albeit just 70 basis points above Palm Beach’s 8.0% industrial vacancy.

Landlords have held asking rents steady as direct weighted averages experienced slight decreases during 2012. The push downward can be attributed to lower-end space remaining on the market as higher-end office space is being leased and the trend of businesses “flight to quality” continued. Similar conditions are projected for 2013 with momentum building toward at end of year and into the first half of 2014.

Click on the links below for the full report.

4Q12 Broward Office Market Report

4Q12 Broward Industrial Market Report