Thursday, August 22, 2013

Broward County, FL Recovery Slows; Promising Near-Term Prospects Persist

Fort Lauderdale, FL skyline

FORT LAUDERDALE, FL -- Although the Broward County office sector posted mixed results in the first half of 2013, a modest increase in demand and nominal construction will trim vacancy over the final two quarters of the year.

The county’s current construction cycle is notable not only for its nearly empty pipeline, but also for its duration.

Construction is not likely to increase significantly anytime soon and, when it does occur, will likely be limited to build-to-suits and small multi-tenant assets where full occupancy thresholds are low.

The pause in building will support the absorption of space in existing properties. Thus far in the recovery, the emergence of new tenants and expanded space requirements has been slow to materialize, but the recovery of the local housing market holds promise for the office sector.

The office sector’s most recent upswing coincides with the pre-recession housing boom, when residential agents and mortgage firms emerged as a vigorous source of space demand.

 Although a return to the pre-recession period of home building and home sales is unlikely, the recent climb in both indicators from recession lows are supporting a steady pace of economic growth in the county.

For a complete copy of the company’s news release, please contact:

Gina Relva
 Public Relations Manager
 Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
 (925) 953-1700 ext. 1716
(510) 999-1284 mobile
(925) 953-1710 fax

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