The Real Deal Miami

Broward, Palm Beach office market shows improvement

Vacancies are at a five-year low, CBRE report shows
June 04, 2014 12:00PM

Palm Beach office buildings

Palm Beach County office buildings

Office vacancies are seeing a dramatic decline in Broward and Palm Beach counties, with first-quarter available inventory falling to its lowest level since 2009, according to a report from CBRE.

In the first quarter of 2014, Broward County vacancies dropped to 16.3 percent from 18 percent a year earlier. Meanwhile, the average rental rate increased to $16.46 a square foot from $16.34 in the first quarter of 2013, according to the Sun-Sentinel.

In Palm Beach County, vacancies decreased to 23.6 percent from 24.5 percent a year earlier, and average rents slipped to $17.03 a square foot from $17.08 in the first quarter of 2013.

“Activity in the Palm Beach County market has shown steady but slow improvement coming out of the recessionary period,” CBRE said.

Rick Bonvie, a commercial real estate agent working in eastern Fort Lauderdale, said Broward’s office market has exited a two-year slump and activity has intensified in recent months.

“It’s been a night-and-day resurgence,” he said. “The confidence level has returned.” [Sun-Sentinel]Christopher Cameron