Report | Fort Lauderdale Office Insight - Q4 2015
Office investment in Broward County hit its highest number on record in 2015 with 39 major building sales—totaling $650 million—although investor confidence may wane a bit in 2016 with few major trades expected.
Overall vacancy rates market-wide are at 16.1 percent—more than 4 percent lower than the 10-year high of 20.6 percent in 2011—and the area is finally seeing office development grow for the first time since the recession (with most of that activity located in Southwest Broward). The Pembroke Pointe project was finally delivered in Q4, the first major office delivery in our market in more than seven years.
We’re watching to see who will occupy the more than 140,000 square feet as no major leases have yet to be signed. The next four to six months for it will likely be used as a barometer for the potential of future projects in the market.
Learn more about what’s happening—and what we expect to occur in the coming months—in the Fort Lauderdale office market in our Q4 US Office Insight.
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