Demand heats up for Broward office properties

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Favorable replacement costs are driving up demand for Broward County office properties, according to a third-quarter report from Marcus & Millichap. While leasing vacancy continues to vacillate in the county, the county has an “active” investment market. That hasn’t yet manifested itself in the numbers, but the numbers of properties selling from $1 million to $10 million did rise slightly in the third quarter. The report further projects vacancy to fall by 40 basis points in 2012, as new tenants move in and expand in the market. That should mean a year-end level of 19.7 percent, according to the report. The vacancy rate in Broward County fell 60 basis points in 2011. — Alexander Britell