A new study by Insignia/ESG Research Services Group here shows the 10.88 million-sf, class A office inventory is 20.9% vacant. The overall 27.6 million-sf market is 17.2% unoccupied.

Worse, of the 790,151 sf of new completions last year, 65% of the space remains vacant. Eighteen percent of all available space is sublease product. Class A sublease space accounts for 20.3% of all class A available space. Average asking rents decreased during the year to $22.17 per sf from $23 per sf.

"The Broward office market is still trying to absorb the 2.6 million sf of office space that has been added to the market over the last two years," says Keith Graves, director, Insignia/ESG Inc. Overall, net absorption during this period was only 900,000 sf.