The report, Time & Space, names the following submarkets as helping the stabilization:
-Southwest Broward, the biggest office submarket in that county, which outperformed the other submarkets there.
-Delray Beach, Jupiter and Royal Palm Beach/Wellington in Palm Beach County, the only submarkets that had positive absorption.
-Airport West in Miami-Dade County, where development continues and 574,000 sf of industrial space is under construction.
"Despite the challenging economic climate, substantial growth in the submarkets contributed to a balance in the overall market," John Geisen, president of Codina Group's Real Estate Services Group, says in a statement. "We're cautiously optimistic about the upcoming quarters."
Other highlights include: development in Broward County, where 1.6 million sf of industrial space is under construction; the new residential and retail projects currently underway in Palm Beach County; the one million sf of industrial space under construction and the 1.8 million sf planned for development in Miami-Dade County.
Codina Group publishes Time & Space annually. The report, compiled by the firm's in-house research department, gives an overview of the South Florida real estate market.
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