Search
 

Broward Office 2Q Vacancies of 20% Up from 14.6% Last Year

MIAMI-Leasing activity is down 30% as new construction slows with only 405,000 sf being built versus 1.5 million sf in the comparable 2001 quarter, according to a new market report by Cushman & Wakefield of Florida Inc.

By Aurin Squire | Updated on August 02, 2002

MIAMI-The Broward County office market has slowed to a standstill, according to Cushman & Wakefield of Florida Inc.’s second quarter report. Office vacancy is at 20%, down from 20.8% in the first quarter but up from 14.6% last year.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.