Fort Lauderdale among the most-improved styl

Miami /
Jul.July 09, 2010 03:30 PM

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

 

Related Articles

arrow_forward_ios
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Lease roundup: Apparel company inks 142K sf lease in Miami Gardens & more
Fadia Bassi and Tyler Reynolds (Getty)
Movers & Shakers: Cushman taps former JLL vice president as managing director & more
Movers & Shakers: Cushman taps former JLL vice president as managing director & more
CBRE CEO Bob Sulentic and Gordon Messinger (CBRE/Illustration by Kevin Rebong for The Real Deal)
Gordon Messinger joins CBRE from Cushman & Wakefield
Gordon Messinger joins CBRE from Cushman & Wakefield
Ericka Witkowski
Former Cushman & Wakefield broker launches her own firm
Former Cushman & Wakefield broker launches her own firm
From left: Denny St. Romain and Jubeen Vaghefi
Movers & Shakers: Longtime JLL brokers join CushWake & more
Movers & Shakers: Longtime JLL brokers join CushWake & more
Related Group pays $26M for rental complex in Tampa’s Bayshore area
Related Group pays $26M for rental complex in Tampa’s Bayshore area
Related Group pays $26M for rental complex in Tampa’s Bayshore area
Cushman & Wakefield sues Avenues school over unpaid commissions
Cushman & Wakefield sues Avenues school over unpaid commissions
Cushman & Wakefield sues Avenues school over unpaid commissions
Boardwalk Properties seeks sale of South Beach apartment portfolio
Boardwalk Properties seeks sale of South Beach apartment portfolio
Boardwalk Properties seeks sale of South Beach apartment portfolio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...