Berger Commercial Realty has analyzed the office and industrial markets in both Palm Beach and Broward Counties, to help you keep track of key data. This information has proved valuable for our clients: tenants, investors, and landlords can all follow their respective markets to understand the leverage they have in negotiations, and whether their property is outperforming (or under-performing) the rest of the market.
Palm Beach County has had an influx of corporate relocations, driving up office demand. Vacancy rates have been dropping and rents have been rising as a result. Strong demand in the CBD should push average rates even higher in the coming quarters.Michael Feuerman, Esq., SIOR, CCIM, Senior Vice President
Although there was no new product delivered this quarter, net absorption was down and was actually negative. Yet rental rates are up by more than 5% – a significant increase for a single quarter – and vacancy rates increased only slightly. New construction coming to market should be successful as demand continues to be strong.Michael Feuerman, Esq., SIOR, CCIM, Senior Vice President
The office market in Broward County continues its slow, steady recovery, with vacancy rates remaining under 10%, and very little new construction in the pipeline. The market appears to be in a good state of equilibrium with landlords and tenants having equal bargaining power in many cases.Lloyd C. Berger, President
Vacancy rates in the Broward County industrial market are at the lowest level we’ve seen since Costar started tracking in 1999. We’ve seen this level only once before, in late 2017. If you need space, you have to act quickly.Lloyd C. Berger, President