The office market in Broward County ended 2018 with increasing rental rates and stabilized vacancy rates. Vacancy rates have remained below 10 percent since 2016 and ended the fourth quarter at 9.4 percent, a 50-basis point decrease quarter-over-quarter. Broward County attracts major tenants seeking office space to be at the center of the tri-county area. A total of 762,316 square feet was leased in the fourth quarter of 2018 with 24 percent of that activity being concentrated in the Downtown Fort Lauderdale submarket. Office rates currently average $31.25 per square foot, an increase of 17 percent year-over-year. Class A rates spiked in the fourth quarter currently averaging $38.48 per square foot, an increase of 21 percent year-over-year.