Greater Fort Lauderdale's vacancy rate is moving in the opposite direction—up from 4.75% at the end of last year to 11.34. Nevertheless, average rents in this 21.2-million-sf office market are up 3%, to $28.51 psf from $27.73. New CBD construction stands at 277,000 sf, with another 2 million sf of projects going up in the suburbs.
In the 19.1-million-sf West Palm Beach market, the current vacancy rate of 12% is 1% below the yearend 1999 figure. Average rents are unchanged at $31 psf. New construction totals 217,000 sf in the CBD and 366,000 sf in the suburbs.
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