Downtown Fort Lauderdale Broward’s Best Performing Market

Written by on March 26, 2014 in News - No comments

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.

 

CLICK HERE FOR THE COMPLETE BROWARD OFFICE MARKET STUDY

  • 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.”

 

CLICK HERE FOR THE COMPLETE PALM BEACH OFFICE MARKET STUDY

 

 

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