The largest lease in the third quarter was a 77,105-square-foot lease by Hayes Medical Staffing at the Cypress Financial Center. The largest lease in the thirdquarter was a 77,105-square-foot lease by Hayes Medical Staffing atthe Cypress Financial Center.

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FORT LAUDERDALE, FL—The lack of new supply, combined withalready tight market conditions, fueled further reductions in theoffice vacancy rate in Broward County in the third quarter.

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According to a third quarter 2019 report on the office market inBroward County by commercial brokerage firm CBRE, the overallvacancy rate for the region fell 40 basis points from the secondquarter and 210 basis points from a year earlier to 9.3% at the endof the third quarter of 2019.

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The average asking rent for the region also is on the rise,standing at $22.03-a-square-foot.

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CBRE notes in its report that there is currently 685,000 squarefeet of office space under construction, including the356,502-square-foot 201 E. Las Olas project, which is expected tobe delivered in the fourth quarter in the Downtown Fort Lauderdalemarket. The Edison Building 1, a 165,000-square-foot officebuilding is expected to be delivered in the fourth quarter of thisyear in the Southwest Broward submarket.

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Broward County posted 127,882 square feet of positive absorptionin the third quarter. Four sales transactions closed during thethird quarter in Broward County that registered a total investmentof $155 million.

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"Given the tightness of the Broward office market, available bigblocks of space are in short supply," CBRE states in the report."Once these projects are delivered, we will see increased interestby occupiers and a boost in leasing activity in the Browardmarket."

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The largest lease in the third quarter was a 77,105-square-foot lease by Hayes MedicalStaffing at the Cypress Financial Center.

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CBRE predicts that business development activity and employmentgrowth will to bolster the Broward County economy and office marketgoing forward. The brokerage firm expects positive absorption andlower vacancy rates will continue to be prevailing trends for thismarket.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.