‘A tenant’s market’ in Broward, CBRE report says

TRD MIAMI /
May.May 07, 2013 10:00 AM

Office space in Broward County, Fla., dropped in the first quarter to a vacancy rate of 18.6 percent while retail and industrial space vacancy hovered around 8 percent, according to a CBRE research report released today.

The county north of Miami-Dade saw new tenants absorb 118,000 square feet of additional office space since January, but construction remained at historic lows, with no projects starting in the first quarter of 2013.

It’s a tenant’s market for office space in Broward, the report said.

“With asking rates on the rise, the market is still experiencing historically low rental rates,” the report said. Exploiting these low rates, tenants are trading up to luxury office space, reducing demand for other properties.

A southwest corner of Broward buzzed with 400,000 square feet of new construction of industrial buildings, and 140,000 square feet were absorbed in the first quarter.

Retail decreased slightly from a year ago, with Wal-Mart planning to build 200,000 square feet in southwest Broward County this year.


Related Articles

arrow_forward_ios
920-1934 Stirling Road in Broward and 510 Linton Boulevard in Delray Beach (Google Maps, iStock)

South Florida’s retail market weakens in Q3

South Florida’s retail market weakens in Q3
UDT CEO Henry Fleches and Midtown Capital CEO Alejandro Velez with 2900 Monarch Lakes Boulevard (Miramar Parks & Rec, Midtown Capital, Cushman & Wakefield)

Midtown Capital Partners buys Miramar office center for $23M

Midtown Capital Partners buys Miramar office center for $23M
Clockwise from top left: 1801 NW 82nd Ave, Miami; 6600 Congress Avenue, Boca Raton; 501 103rd Avenue, Royal Palm Beach; 3423 McIntosh Road, Hollywood (Google Maps)

South Florida industrial market shows signs of weakness in Q3

South Florida industrial market shows signs of weakness in Q3
Mike Nunziata & the site map

13th Floor scores approval for housing community on former golf course in Tamarac

13th Floor scores approval for housing community on former golf course in Tamarac
Despite record high office vacancies across South Florida, average asking rates hit new highs

South Florida Q3 office rents hit record high, despite higher vacancies

South Florida Q3 office rents hit record high, despite higher vacancies
Tere Blanca and the Aventura office complex (Credit: Google Maps)

Aventura office complex Optima inks new leases

Aventura office complex Optima inks new leases
Seritage CEO Benjamin Schall, CTO CEO John Albright, and 1460 West 49th Street, Hialeah (Credit: Google Maps)

Seritage sells Hialeah shopping center for $21M

Seritage sells Hialeah shopping center for $21M
2290 and 2328 10th Avenue N, Lake Worth

Lake Worth Beach office buildings sell for $11M

Lake Worth Beach office buildings sell for $11M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...