Tom Viscount

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Avison Young recently negotiated 133,140 square feet ofindustrial lease transactions in Broward County, Florida. Thatcontinues a trend from 2019. Avison Young's year-end 2019 BrowardCounty industrial report indicated that West Broward posted thelowest vacancy rate in the county at 2.1%. Nearly 2.7 millionsquare feet of new industrial space was completed in the county, ofwhich 1.1 million square feet alone was delivered in Pompano Beach.The submarket still saw 456,773 square feet of net absorption,indicating robust demand.

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"We are seeing the same trends that have been affecting themarket the last couple of years," Avison Young Principal TomViscount tells GlobeSt.com. "The logistics industry and e-commerceare the main contributors. We are seeing a little lessmanufacturing than before, but it's really of no concern becauselogistics and e-commerce continue to fuel the growth. 2019 was agreat year for industrial all-around."

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Viscount notes that with land being scarce, repurposing ofexisting product is something everyone is considering. Risingconstruction costs continue to present challenges.

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"In Broward County, there is a lot of new product," Viscountsays. "The biggest industrial player in Broward is Bridge, basedout of Chicago, with an office in South Florida. They have acquiredand assembled large parcels of land in newer parks."

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There is pent-up demand, much of it coming from existing tenantsin Broward and Miami-Dade that are expanding. Viscount says AvisonYoung statistics have it at almost 65 percent of product deliveredduring 2019 was leased prior to delivery.

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"West Broward and Pompano Beach continue to attract and retainindustrial space users that value convenient access to locationsthroughout South Florida's tri-county area via majorthoroughfares," said Viscount. "Our clients had a differing rangeof space requirements in these tightening, in-demand submarkets,and it was a pleasure working with the landlords and theirrepresentation to meet those needs."

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