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South Florida

Tenants to take upper hand in 2013 South Florida office market

Peter Reed
Peter Reed

In the world of South Florida office leasing, it’s set to be a tenant’s market in 2013. Already, tenants in Boca Raton and Fort Lauderdale are negotiating for better deals and concessions on their leases, the Sun Sentinel reported. “Building owners are going after quality, credit tenants very aggressively,” said Kevin McCarthy, a vice president with Jones Lang LaSalle in Palm Beach County. Competition for those tenants is stiff.

Meanwhile, rates and occupancy levels remained reasonably consistent throughout 2012 and some brokers are confident that the market has bottomed out.

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“I think we’re bouncing along the bottom,” said Peter Reed of Commercial Florida Realty Services in Boca Raton.

On the flip side, retail landlords are set to benefit this year from an increase in consumer confidence and limited availability of prime spaces due to lack of new construction, the Sentinel said. [Sun Sentinel] –Katherine Clarke

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