Southwest Broward Outperforming Other Local Office Submarkets

BROWARD COUNTY, FL-The best-performing office submarket in Broward County is Southwest Broward, according to a March report by CB Richard Ellis. This is due to a “well-balanced median between the demand and supply of office space,” the report states. This submarket is attracting suburban tenants that are looking for closeness to the labor force, competitive rental rates and high parking ratios. The submarket’s healthy leasing activity is partly to thank for the area having one of the fastest-growing average asking rates in the county.

Over in Plantation, three new speculative class A buildings, which will create significant contiguous space availabilities, may translate to increased vacancy rates. With the competition in this submarket, tenants are attracted to it because it has one of the county’s lowest average asking rates.

The Downtown area is described in the report as being in the “twilight of a tenant-favorable submarket.” This is due to falling direct vacancy rates as well as subleases and growth in average asking rents. Currently, more than 3,000 multifamily units are under way in this area, with the mood there “patient” and “optimistic,” according to the report.