Search
 

Reports Agree, Broward Industrial Market Improving

MIAMI-With the second quarter came lower vacancy rates, rising rental rates, higher net absorption and consistent leasing and sales activity, among other factors pointing to a recovering economy, according to two new reports.

By Melissa Bogdany | Updated on July 22, 2003

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.

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.