In Broward County, the overall vacancy rate was 19.6%, according to Cushman & Wakefield's Office Overview for the third quarter. This is "encouraging," the report states, since it was the second quarter in a row with a declining vacancy rate.

Another positive sign in the market is the positive net absorption. "Demand for office space as noted by net absorption increased during third quarter and now totals 429,595 sf to date, which is 42% higher than was absorbed at this time last year," the report states. However, "Demand for space in Broward County, although improving, is not yet at the level where developers can begin construction on projects previously put on hold."

The county has not totally recovered, though, since its vacancy rate was significantly higher than the 16.8% reported for the third quarter of 2001, the report states.