Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-The Broward County office market has slowed to a standstill, according to Cushman & Wakefield of Florida Inc.’s second quarter report. Office vacancy is at 20%, down from 20.8% in the first quarter but up from 14.6% last year.

Leasing activity is down 30% from second quarter 2001. There is only 405,000 sf under construction versus 1.5 million sf last year at this time.

Cypress Creek is the area worst hit by the countywide slowdown, with a 24.3% vacancy and average quoted rents of $26.05 sf. Northwest Broward has a county-low 8.6% vacancy at $24.09 sf rents.

Mitchell Millowitz, senior director of office brokerage at Cushman & Wakefield, tells Globest.com outside economic factors are harming the office market.

“The recession has drastically affected corporations and a lot of them are now looking for short-term investments instead of capital investments such as real estate,” Millowitz says. “Cypress Creek is just getting killed right now, but on the other hand, West Broward, even though vacancy appears high, is going to outperform other market because its location and demographics are a lot of positives at a lower cost.”

The county’s 26.2 million sf averages at $25.43 per sf rent at the end of the second quarter.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.