Reports Agree, Broward Industrial Market Improving

MIAMI-The Broward County industrial market is showing signs of recovery, such as decreasing vacancy rates and moderately rising rental rates, according to Codina Realty Services Inc. ONCOR International’s mid-year industrial market overview for the county.

The report refers to the second quarter’s direct vacancy rate of 7.4% as strong, compared with 9.3% a year earlier. Also, sublease space has decreased from 913,850 sf mid-year last year to 396,755 sf at the end of this year’s second quarter. This has helped the overall vacancy rate, which fell 2.6 percentage points to 8 %.

Although the numbers are a little different, according to Cushman & Wakefield’s second-quarter Broward industrial report, they show improvement. The report shows the county’s overall vacancy rate lowered to 9.2% at the end of the second quarter from 9.5% at the end of the first quarter. Steady leasing was among the factors contributing to the decrease.