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Market Questions Take Toll on S. Florida Vacancy

WEST PALM BEACH, FL-Rental rates are up, but vacancy rates are on the rise in Palm Beach and Broward counties, according to market reports.

By Natalie Keith | Updated on December 27, 2007

WEST PALM BEACH, FL-With demand softening and the continued tightening of the credit markets, office property fundamentals are beginning to shift in Palm Beach and Broward Counties, according to market reports.

According to CB Richard Ellis office market reports for the third quarter 2007, the Palm Beach County vacancy rate rose to 11.9% during the quarter, up from 8.4% recorded during the third quarter of 2006. In Broward County, the vacancy rate was 9.5% during the quarter, up from 8.3% a year ago. Despite the rise in vacancies, rental rates are on the rise or stabilizing. In Palm Beach County, average asking rental rates increased from $18.93 to $19.90 per sf from the third quarter of 2006 to the third quarter of 2007. In Broward County, the overall direct average asking rates for class A properties remained stable at $17.71 per sf and, for class B properties, dipped slightly to $14.98 per sf.

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