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Slowing job losses will help stop Broward office slide

May 03, 2010 09:33AM

Broward County has lost 19,100 office-using jobs during the recession, but lessening job losses will help the county slow the rate of erosion, according to a new report by Marcus & Millichap. The firm expects Broward County’s vacancy rate to rise above 21 percent, with rents declining for the second year in a row. Cyprus Creek is one of four submarkets in Broward County with vacancy rates above 20 percent. Properties constructed before 1970 and other older properties should lag in any recovery, as pre-1970 assets were 40 percent vacant at the end of last year. Post-1990 buildings, however, have outperformed the market, the report says. Marcus & Millichap predicts a 0.3 drop in employment for the county this year. TRD