Broward Suburban Office Vacancies at Record High

FORT LAUDERDALE, FL-The 22.3 million-sf Broward County office market is pockmarked with vacancies as sublease space totaling 657,034 sf swells the overall vacancy mark to 19.86%, the highest in six years, according to a new analysis by RealData Information Systems Inc. of Coral Gables, FL.

The 3.7 million-sf Fort Lauderdale central business district emerged with the lowest vacancy level in 2001 at 16.92%. “However, this market is not without its concerns,” notes RealData research director William R. Hemingway. “Another 411,367 sf are under construction with expected completion by year end, potentially dropping the occupancy rate to 81% (19% vacant).”

West Broward submarkets are bleeding with a 23% vacancy level for non-sublease space and a 26.7% vacancy mark with sublease included.