On the other hand, vacancies in Broward averaged about 14.1%, up from 12%. Palm Beach is showing a vacancy rate of 13.9%, up from 11.1%.

When it comes to Broward and Palm Beach, Geisen says, it's important to look at the year-to-date net absorption. Palm Beach is showing a net loss of 127,642 sf over the first six months this year.

"In Palm Beach, it's a reflection of a smaller (office) market, with less companies relocating," he says. "If you look at it on a 10-year basis, you would just be seeing a dip."Of the three counties, Geisen says, the office market sector appears the healthiest in Broward.

"Its position in the tri-county market helps drive it," he says. "There is a lot of growth out of Miami into Broward. That's the primary driver. Broward also has the healthiest absorption. We expect Broward to do a million-plus (sf) for the year."

All market indicators currently bolster Geisen's belief that the market is poised for a potentially dramatic recovery, depending on when the US economy emerges from the doldrums.

"It'll take a defined turnaround in the national economy," he says. "There seems to be a hesitancy on the part of (potential) tenants to move forward. It they were moving forward, we would be seeing much higher net absorption."

In many instances, Geisen adds, it doesn't appear that the lack of capital is playing a role in the decision-making process. It's more of a conservative play on the part of companies weighing the necessity of relocating or expanding.

"It appears companies are just holding back, waiting for positive economic signs," he says. "While I think they're doing well, are in business and are making plans to grow and expand, or in some cases consolidate, they're hesitating, watching by the quarter, or in some cases, watching by the week."