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| 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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