According to Newmark Grubb Knight Frank’s latest reports for South Florida, fundamentals in the office sector continue to make strides. CLICK ON THE HEADLINE FOR MORE
Seems to be the season for the first round of the year of Broker Musical Chairs, and we have quite a list of players. CLICK ON THE HEADLINE FOR MORE
According to Newmark Grubb Knight Frank’s (“NGKF”) latest reports for South Florida, office sector fundamentals in the South Florida market continue to improve, albeit slowly, according to the latest reports on the South Florida office market from Newmark Grubb Knight Frank (NGKF).
Miami-Dade and Broward County both posted positive absorption for the quarter; however, Palm Beach County, where absorption was relatively flat, continued to struggle with vacancy over 20%. Strong demand for Class A office space throughout the region is driving overall improvement, which may fuel speculative construction in 2014.
“Across South Florida, over 7.3 million square feet of office leasing activity was tracked during 2013,” said Jon Bourbeau, vice chairman in NGKF’s Miami office. “The majority of deals continued to come from tenants already in the market in the form of expansions, renewals and relocations as companies took advantage of favorable market conditions to upgrade into higher-end buildings.
He continued, “While the markets may not see pure new requirements, many tenants are projecting revenue growth in 2014 which we expect to translate into significant organic growth via additional expansions. We may be at the starting point of the next development cycle.”
Broward County and Miami-Dade County ended the quarter with vacancy at 15.3% and 16.7%, respectively. Although Broward County still holds the lowest office vacancy rate in the region, Miami experienced the greatest year-over-year drop, which is consistent with NGKF’s earlier projections of moderate growth and improving conditions. Additional market highlights include:
MIAMI
FORT LAUDERDALE – BROWARD COUNTY
PALM BEACH COUNTY
Download the reports in their entirety by clicking on the links below:
Newmark Grubb Knight Frank’s 4Q13 Fort Lauderdale Office Market Report
Newmark Grubb Knight Frank’s 4Q13 Palm Beach Office Market Report
Newmark Grubb Knight Frank’s 4Q13 Miami Office Market Report
Round and round they go, where they’ll stop, well…we think WE know.
Seems to be the season for the first round of the year of Broker Musical Chairs, and we have quite a list of players.
Jonathan Guffey
Jonathan Guffey has been named Director of Leasing at Liberty Property Trust , effective January 1st. Guffey previously served as Commercial Sales Associate at Jones Lang LaSalle, assisting Alice Lucia and Peter Sheridan since September, 2011.
Bill Kahn
In addition to Jonathan’s new role, it looks like NAI Merin Hunter Codman will be filling another seat. Bill Kahn has parted ways with Butters and is now serving as Director of Leasing with MHC. Kahn has been serving the South Florida commercial real estate market for over two decades. He held the position of Senior Vice President for Butters Realty and Management where his focus included tenant representation. Prior to joining Butters, Mr. Kahn held executive level positions dealing with distressed assets/dispositions and national tenant representation, for such prestigious firms as MassMutual and Equis.
Steve O’Hara
The seat at NAI Merin Hunter Codman was vacated by Steve O’Hara, who is now affiliated with Mohr Partners, Inc. According to its website, Mohr Partners, Inc. is one of the largest, exclusive tenant-only real estate advisory firms in the U.S. providing corporate services globally. Steve served as a managing director with NAI Merin Hunter Codman since April, 2010 after 10 years as first vice president with CBRE. At MHC, Steve spearheaded the continuing expansion of the company’s efforts in regards to office and industrial landlord services.
Small Gains Chip Away At Vacant Space Throughout Region
/in News, Trends/by SFOBA STAFFAccording to Newmark Grubb Knight Frank’s latest reports for South Florida, fundamentals in the office sector continue to make strides. CLICK ON THE HEADLINE FOR MORE
It’s Time For Musical Chairs!
/in News/by SFOBA STAFFSeems to be the season for the first round of the year of Broker Musical Chairs, and we have quite a list of players. CLICK ON THE HEADLINE FOR MORE