MIAMI—How is the Broward County office market fairing today? And what is the investment outlook for Florida for the second half of the year and beyond? Although there is data available, the bottom line comes down to who you ask.
GlobeSt.com caught up with Jennifer Patterson, vice president of Asset Management for New Boston Fund's Southeast region, to get her take on the local market. She also shares the firm's investment outlook in Florida. Be sure to go back and read part one of this exclusive interview, in which Patterson's reveals the firm's South Florida strategy.
GlobeSt.com: How is the Broward County office market fairing today?
Patterson: The second half of 2012 produced two of the best quarters Broward County has seen since the recession, which was followed by a market-wide drop in activity during the first and second quarters of 2013. Meanwhile, BayView Corporate Tower has experienced an uptick in leases signed, renewals, and building tours in recent months. The County's employment rate and housing market are gradually improving, so we are hopeful that the success unfolding at BayView is a sign of what's to come for the larger market in the second half of 2013.
GlobeSt.com: What is the firm's investment outlook in Florida?
Patterson: Florida remains a key market for New Boston Fund. Over the past three years, we have expanded our portfolio through the acquisition of an additional 373,000 square feet of class A office space in South Florida alone. We also continue to make investments in existing assets, such as BayView Corporate Tower.
Miami-Dade County is a particularly attractive market given its geography and the flood of international investment being poured into the area. We are seeing this dynamic translate into leasing activity at both One Park Square in Doral and Waterford Centre in Miami.
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