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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.

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