A scarcity in large blocks of South Florida office space may mean the return of traditional financing for new construction.
A report from real estate firm JLL said the downtown Fort Lauderdale vacancy rate was at its lowest since 2007, and commercial real estate brokers say that this is pushing rental rates high enough to validate new construction.
While traditional lenders haven’t played role in financing new office buildings in at least seven years during the recession, the report said a lack of large contiguous spaces would deter major companies from relocating to the region.
Commercial brokers said the areas of Pembroke Pines and Miramar are most likely to be the first to see new construction. [Sun-Sentinel] — Jennifer Karp