MIAMI—Four transactions. Forty thousand square feet (42,600, to be exact). Four million dollars. Less than one month. That’s the story coming out of Avison Young‘s South Florida offices.
David Duckworth, vice president of investment sales at Avison ran up and down the Tri-County area to ink multimillion-dollar leases. He says the deals represent an uptick in “flight to quality” for small to mid-size tenants.
First, Duckworth represented CHS in a 20,000-square-foot lease renewal in Miami Lakes, FL. Next, he represented MAC Healthcare Group in a new lease for 5,500 square feet at Flamingo Park of Commerce at 12002 Miramar Parkway in Miramar, FL.
Duckworth also worked with Privid Eye Systems on a new lease for 6,600 square feet at Meridian Business Campus in Weston, FL. Finally he repp’ed Boca Gallery Properties, ownership of Gallery Center, in a new lease transaction for 10,500 square feet to Consumer Education Group in Boca Raton, FL.
“With vacancy decreasing across the board in South Florida, tenants are looking to lock in space today, before rates push higher,” says Duckworth. “The spur of activity we are seeing in the office and industrial submarkets is representative of the larger trend of positive movement in the overall market.”
According to Avison’s research, small to mid-size tenants remain hesitant about the market but are nevertheless making moves as demand for space continues to increase, vacancy decreases, and new construction is minimal. That’s pushing rental rates higher, as noted by 6.6% year-over-year increase for Broward County industrial, a slight increase in class B office in Palm Beach County and landlord concessions decreasing.