Tag Archive for: broward office market

Downtown Fort Lauderdale Broward’s Best Performing Market

/in /by

Commercial Florida Realty Services’ George Sacks has recently completed year-end office market studies for Broward and Palm Beach office market studies.

Among the studies’ highlights:

  • Downtown Fort Lauderdale showed Broward’s best performance, gaining 175,520 square feet through year-end 2013 – a rapid change from the submarket’s slight negative absorption at mid-2013. Although Cypress Creek’s approximately 7.2 million square feet of office submarket ended the year with an overall 20.32% vacancy rate, its Class A component lost just 4115 SF and had a relatively healthy 15.34% vacancy rate.  The Cypress Creek Class B market was harder hit.

 

CLICK HERE FOR THE COMPLETE BROWARD OFFICE MARKET STUDY

  • Boca Raton was Palm Beach County’s top leasing market for the year, with a gain of 272,132 SF for the year and asking direct lease rates of $18.72 per SF by year-end 2013, compared with $17.47 at the end of 2012.  Re investment sales, per the study, “The investment sales activity in Boca Raton and Palm Beach County in general, is representative of a national trend for investors’ and owner/users’ increasing interest in seeking properties outside of the traditional major metro markets such as Miami.  This trend is likely to continue throughout 2014.”

 

CLICK HERE FOR THE COMPLETE PALM BEACH OFFICE MARKET STUDY

 

 

Broward And Palm Beach At Opposite Ends Of Vacancy Spectrum

/in , /by

By 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.