The Real Deal Miami

Commercial Boulevard vacancies growing rapidly in Fort Lauderdale

November 13, 2012 03:45PM

2101 West Commercial Boulevard is almost a third vacant

As the office buildings along Fort Lauderdale’s Commercial Boulevard age and as tenants leave  for newer and more upscale complexes across Broward County and South Florida, bargains rents abound, the Sun Sentinel reported.

Brokers told the Sentinel that they’re having to forgo traditional office tenants along Commercial Boulevard in favor of more medical businesses and schools hunting for a deal. “We’re chasing the deals, just like everybody else in that market,” Peter Reed, a broker at Commercial Florida Realty Services in Boca Raton, said.

Between I-95 and the Florida’s turnpike, there are 17 buildings in the Commercial Boulevard market totaling 1.1 million square feet. The vacancy rate is 27.5 percent in the area, compared to the 16.5 percent vacancy for all of Broward, according to Commercial Florida data cited by the Sentinel. [Sun Sentinel]Christopher Cameron