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Office Insight

United States | Fort Lauderdale, FL

Report | Fort Lauderdale Office Insight - Q1 2011

Summary

Economic conditions continued to mend in the first quarter as improvement within housing and tourism fueled service sector growth and helped reduce county unemployment 80 basis points to 9.7 percent.
Overall, law firm closures due to allegations of fraudulent foreclosure processing challenged the market and caused another quarter of significant negative net absorption, increased vacancy and continued downward pressure on rental rates.
As suburban vacancy stretched beyond 20.0 percent for the first time since 2003, tenants continued to take advantage of favorable market conditions with early renewals. “Blend and extend” scenarios resurfaced and were heavily reported in the suburban markets.

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