The Real Deal Miami

Relief for Broward office market

April 08, 2011 09:51AM

A modest uptick in demand for space this year will be the start of a
long recovery for Broward County’s office market, according to a report
form Marcus & Millichap. While more than $270 million of troubled
properties remain in the county, investors continue to target
high-quality, well-performing assets. According to the report,
countywide vacancy will fall 30 basis points to 20.2 percent, compared
to a 150-basis point spike in 2010. Rents are expected to drop by 0.5
percent to $25.35 per square foot. TRD