The Real Deal Miami

Fort Lauderdale among the most-improved styl

July 09, 2010 03:30PM

Fort Lauderdale office vacancies declined to 18.9 percent during the second quarter, from 20.4 percent in the first quarter, making it one of the most-improved central business districts in the country, according to data released today from Cushman & Wakefield. Meanwhile, in Miami’s central business district, rents rose quarter-over-quarter to $36.91, up $0.74 over the first quarter. Overall, the U.S. office market is showing signs of improvement, Cushman said. The second quarter saw the first average U.S. vacancy rate drop since 2007. At mid-year 2010, the vacancy rate for the 31 business districts tracked by the firm stood at 14.8 percent, down 0.2 percent from the end of the first quarter. That figure had been increasing steadily since the fourth quarter of 2007, when it hit bottom at 9.7 percent. Maria Sicola, executive managing director at Cushman, said that it is becoming “strongly apparent that the national vacancy rate for [central business districts] has peaked” because of a significant uptick in leasing activity, which has risen by 51.6 percent year-over-year nationwide. TRD