Commercial Florida Realty Services’ George Sacks has recently completed year-end office market studies for Broward and Palm Beach office market studies.
Among the studies’ highlights:
- Downtown Fort Lauderdale showed Broward’s best performance, gaining 175,520 square feet through year-end 2013 – a rapid change from the submarket’s slight negative absorption at mid-2013. Although Cypress Creek’s approximately 7.2 million square feet of office submarket ended the year with an overall 20.32% vacancy rate, its Class A component lost just 4115 SF and had a relatively healthy 15.34% vacancy rate. The Cypress Creek Class B market was harder hit.
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- Boca Raton was Palm Beach County’s top leasing market for the year, with a gain of 272,132 SF for the year and asking direct lease rates of $18.72 per SF by year-end 2013, compared with $17.47 at the end of 2012. Re investment sales, per the study, “The investment sales activity in Boca Raton and Palm Beach County in general, is representative of a national trend for investors’ and owner/users’ increasing interest in seeking properties outside of the traditional major metro markets such as Miami. This trend is likely to continue throughout 2014.”
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