Fort Lauderdale office vacancy to fall

Improved hiring and reduced construction of new space should mean a downward trend for Fort Lauderdale’s office vacancy rate, according to a report from Marcus & Millichap. Vacancy in the area is projected to fall by 80 basis points to 19.3 percent this year, after a 60-basis-point drop in 2011. Rents are expected to rise by 1.2 percent his year, up to $25.78 per square foot. Just 50,000 square feet of “competitive space” will come online in the area this year, after 18,000 square feet was delivered in 2011. Much more is still needed for further drops in vacancy, however, according to the report. — Alexander Britell