Q3 2018 Broward Office Market Report
Date Published: 10/22/2018
The office market in Broward County continues into the third quarter of 2018 with climbing rental rates and stable vacancy rates. Vacancy rates have remained below 10 percent since the beginning of 2017 and currently sit at 9.2 percent, a 10-basis point decrease year-over-year. Development continues at a steady pace with 849,081 square feet of office space currently under construction, in addition to the 201,779 square feet of office space delivered to Broward County in the third quarter of 2018. There was 629,233 square feet of office space leased in the third quarter as larger space requirements become more popular among tenants. Net absorption reached a negative 10,323 square feet in third quarter and is moving closer to zero.