The county has a 9% overall vacancy level with 1.35 million sf of new space completed and one million sf under construction.
"It would be naïve to say there isn't a level of cautiousness on the part of buyers and tenants," Richard Etner, senior director of industrial brokerage at Cushman & Wakefield, tells GlobeSt.com. "But the attractiveness of being in between Palm Beach and Dade county, together with the population here is what keeps the strong demand going."
In North Broward, the Coral Springs/Tamarac/Margate has a 1.3% vacancy at $8.06 per sf for manufacturing space; $6.70 per sf for warehouse/distribution; and $6.33 per sf for office/showroom.
The area has 441,544 sf under construction. While the North Broward region holds at 6.7% vacancy, southwest Broward soars to 16.3%.
In that area, the Davie/Pembroke Pines/Miramar market has a 16.3% vacancy at $8.50 per sf for manufacturing; $6.13 per sf for warehouse/distribution; and $9.48 for office/showroom.
Despite its high vacancies, southwest Broward has 901,534 sf recently completed space and 347,039 sf under construction.
In Central Broward, there's a lack of any major building plans with just 91,496 sf under construction and 62,500 sf completed in the second quarter.
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