With an increase of 80 points from 1Q2011 and a rank of 86th out of 132 U.S. metro markets nationwide the Ft. Lauderdale office market has not changed much throughout the second quarter. The vacancy rate currently sits at 19.9% similar to the rates ofB Oakland/East Bay CA at 19.3%, Denver, CO 19.8%,B Naples, FL at 20.2%, and Cincinnati, OH at 20%.
We believe the state of the office market will remain at its current position throughout the upcoming years even as the economy improves. Reason being is because as businesses become more efficient through advances in automation and technology they are able to run with few employees; and given the reduced amount of employees there is less demand for office space. There has also been a trend of businesses lowering their occupancy costs by choosing office designs with lessB square feet of occupancy per employee.
For additional information on the South Florida office market including offices for sale or lease, as well as tenant representation contact Morris Southeast Group at 866-930-1426.
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Tags: office occupancy, South Florida commercial real estate, South Florida commercial real estate services, South Florida office property
