Vacancy rates fall in Broward County

Broward County vacancy rates inched down in the second quarter and market-wide rents were on the rise, according to a report by Marcus & Millichap cited by the Florida Real Estate Journal, a sign that the local economy is emerging from the recession.
“These trends will persist over the remainder of 2011 as tenant demand strengthens and developers remain sidelined, but additional stimulus will be required to provide greater momentum to the sector’s recovery beyond this year,” the report says.
Transaction volume increased in Broward as prospective sellers increasingly came to grips with pricing expectations. Cap rates on well-located, Class A properties generally ranged from 5 percent to 6 percent.
Broward also continues to attract the interest of foreign investors, second only to Miami Dade County in the tri-county area. [FREJ]