Leasing activity is down 30% from second quarter 2001. There is only 405,000 sf under construction versus 1.5 million sf last year at this time.
Cypress Creek is the area worst hit by the countywide slowdown, with a 24.3% vacancy and average quoted rents of $26.05 sf. Northwest Broward has a county-low 8.6% vacancy at $24.09 sf rents.
Mitchell Millowitz, senior director of office brokerage at Cushman & Wakefield, tells Globest.com outside economic factors are harming the office market.
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