By Eric Messer
Broward County has the lowest vacancy rate reported in South Florida.
However, the area’s strong ties to the residential sector is expected to hinder sizeable job growth through the coming year.
No significant shifts are expected for the office sector in Fort Lauderdale and its suburban submarkets. A balance between demand and supply will likely continue through the majority of 2012.
Renewals and relocations will continue to dominate transaction activity as tenants in the market take advantage of space opportunities.
Conversely, the Palm Beach market holds the highest vacancy rate throughout Florida.
The market continued its leveling recovery as sluggish economic growth and lackluster improvements in the housing sector hinder significant expansions in employment. The office sector has seen moderate declines in vacancy since the 23.8 percent peak in first quarter of 2010.
To view the reports in their entirety, click on the links below:
4Q11 Broward Office Market Trends Report
4Q11 Palm Beach Office Market Trends Report
Eric Messer is Research Services Manager for Grubb & Ellis Company in Boca Raton. He can be reached at eric.messer@grubb-ellis.com.
