Growth Expected in South Florida Office Market in 2004

SOUTH FLORIDA-The South Florida office market is “primed for growth in 2004,” according to a new report by Marcus & Millichap Real Estate Investment Brokerage Co., a national real estate investment brokerage firm.

The Office Research Report for the South Florida market, which includes Miami, Fort Lauderdale and West Palm Beach, states that the three key South Florida cities, included in the company’s national office index, climbed in their rankings. For next year, the report forecasts solid employment growth and limited new construction–two factors that helped the three markets move up in the ranks. Fort Lauderdale moved up the most slots of the three South Florida cities–nine–to No. 11. West Palm Beach jumped five spots and is ranked No. 12, and Miami rose four spots to No. 14.

“South Florida’s office market will benefit from a glowing employment forecast, which will stimulate absorption and push vacancies downward,” Gene A. Berman, senior vice president and regional manager of Marcus & Millichap’s Fort Lauderdale office, states in the report. “Investment activity will pick up as employment and vacancy show improvements and investors seek to capitalize on low interest rates and the prospect of improving property performance.”