Over in Plantation, three new speculative class A buildings, which will create significant contiguous space availabilities, may translate to increased vacancy rates. With the competition in this submarket, tenants are attracted to it because it has one of the county's lowest average asking rates.
The Downtown area is described in the report as being in the "twilight of a tenant-favorable submarket." This is due to falling direct vacancy rates as well as subleases and growth in average asking rents. Currently, more than 3,000 multifamily units are under way in this area, with the mood there "patient" and "optimistic," according to the report.
In Cypress Creek, the county's second-biggest submarket, conditions may get worse before improving, but there is optimism long-term and confidence in this submarket's performance, CBRE adds.
The Commercial Boulevard submarket is seeing a larger proportion of tenants renewing their leases at the same sites. Leasing activity overall here is flat, with marginal absorption or expansion, according to the report.
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