So far this year, the local office vacancy rate has decreased to 16.6% from 19.2% a year earlier. The South Florida city, located in Broward County, was one of just 15 markets out of the 56 markets TWR analyzes that posted vacancy rate declines in the office sector during the past year.
Common factors in many of the markets that had declining vacancy rates in the last year include rapid population growth and more exposure to economic activity outside the US, according to TWR. The other top performers were Raleigh, NC; Orange County, CA; Phoenix, AZ; and Las Vegas. The bottom five performers, with vacancy rate hikes, were: Sacramento, CA; Detroit; Wilmington, DE; Columbus, OH; and Tucson, AZ.
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