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The tightening market and strong capital market activity has helped propel rent growth in Sawgrass Park

• Base asking rents in Sawgrass Park have increased 17.5 percent since the start of 2014 to $21.09 per square foot. Rents grew the most in International Place II, growing from $16.50 per square foot to $22.00 per square foot today, up 33.3 percent.

• Over the same period total vacancy fell from 12.0 percent at the end of 2014 to 10.9 percent at the year-end of 2017 – a decrease of 110 basis point. While this may not seem significant, total vacancy reached as high as 14.5 percent during that period. The leases over 20,000 square feet have propelled that trend. During the last three years there have been more than ten deals over 20,000 square feet singed within Class A buildings in Sawgrass Park. And, many of the deals were new to market or expansion deals.

• Further, of the 14 Class A properties in Sawgrass Park, ten have traded hands since the start of 2015. Those ten properties have seen rents growth 20.5 percent growth since the end of 2014. Comparably the four properties yet to trade have had an average rent growth of 11.1 percent over the same period. ​

Source: JLL Research




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