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Class A CBD office leasing activity remains below the seven year-average

  • Nine of the last 12 quarters (2015-2017) have closed with total Class A CBD leasing activity below the seven year average – a major lease up of space from 2012-2014 propelled this trend. From 2012 to 2014 leasing activity was above the seven year average six out of the 12 quarters reaching as high as 199,000 square feet in the first quarter of 2012.
  • Interestingly, while leasing activity has been slower, the lease up of some large blocks in the  market has propelled rents to rise. Base asking rents have increased 26.4 percent over the previous three years to $30.81 per square foot.
  • Two deals impacting the rent trend and propelling the leasing activity in the quarters the deals were executed were Uniforms Direct and Kemet. First, in 2016 Uniforms Direct relocated from Plantation to Tower 101 in 52,7000 square feet. And, in 2017, Kemet leased nearly 60,000 square feet of space in 1 East Broward. ​

Source: JLL Research​

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