search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealCity Council approves zoning change to greenlight casinosCity Council approves zoning change to greenlight casinosVictor Sigoura picks up site of failed West Chelsea condo for $87MVictor Sigoura picks up site of failed West Chelsea condo for $87M
South Florida

Broward, Palm Beach office market shows improvement

Palm Beach County office buildings
Palm Beach County office buildings

Office vacancies are seeing a dramatic decline in Broward and Palm Beach counties, with first-quarter available inventory falling to its lowest level since 2009, according to a report from CBRE.

In the first quarter of 2014, Broward County vacancies dropped to 16.3 percent from 18 percent a year earlier. Meanwhile, the average rental rate increased to $16.46 a square foot from $16.34 in the first quarter of 2013, according to the Sun-Sentinel.

In Palm Beach County, vacancies decreased to 23.6 percent from 24.5 percent a year earlier, and average rents slipped to $17.03 a square foot from $17.08 in the first quarter of 2013.

Sign Up for the undefined Newsletter

“Activity in the Palm Beach County market has shown steady but slow improvement coming out of the recessionary period,” CBRE said.

Rick Bonvie, a commercial real estate agent working in eastern Fort Lauderdale, said Broward’s office market has exited a two-year slump and activity has intensified in recent months.

“It’s been a night-and-day resurgence,” he said. “The confidence level has returned.” [Sun-Sentinel] – Christopher Cameron

Tags
Office Market