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South Florida

Broward outlook dims

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Last year’s dip in rental rates will continue through the year, as the Broward County industrial market is likely in for further softening. Local projections call for further declines of 8 to 11 percent. Harry Tangalakis, senior vice president at CB Richard Ellis in Fort Lauderdale, said there is still room to compress rates, but vacancy could remain relatively stable because price sensitivity could get deals done quickly. New construction projects are also projected to decline in 2009 as more than 50 percent of the 1.8 million square feet of new product delivered to the market in 2008 remains vacant, according to Cushman & Wakefield.