GlobeSt.com UPDATE; 2Q Office Vacancies Up in Dade, Broward

MIAMI-This may be a great time to shop for office space in the South Florida market. Newly released second-quarter research from Cushman & Wakefield of Florida Inc. shows that overall second-quarter vacancy rates increased by 1.1% in Broward County and 2.9% in Miami-Dade County and dropped by only one-tenth of a percent in Palm Beach County, over the same time period last year.

In Broward, the overall vacancy rate increased to 14.6% during the quarter, up from 13.1% for the same period last year. Year-to-date net absorption is a negative 32,121 sf, down from a positive absorption of 744,252 sf last year. The amount under construction is 2.04 million sf, up from 1.9 million last year. Direct average asking rents are $21.86 per sf, up from $20.75 per sf in 2000.