December 20, 2014
Regional Snapshots - Broward County

Photo:

Developers are building more industrial facilities in Broward County.

Commercial Real Estate

Regional Snapshots - Broward County

Mike Vogel | 9/8/2012

In June, Atlanta-based industrial real estate company IDI purchased 42 acres in a business development that’s a quick hop to I-595 and the ports. Next year, it plans to start construction on the first phase of 705,000 square feet of warehouse and industrial space in the county. Scott Helms, senior vice president and regional managing director in IDI’s Fort Lauderdale office, says it “may be one of the last major industrial parks in the area.”

IDI, meanwhile, this year developed 264,074 square feet of spec industrial space in Miramar. Office market vacancies remain high but are falling. Discount and comparison shopping company Saveology is expanding, as is Citrix. Japan’s Nipro Diagnostics bought a building.

Existing properties, says Terry Stiles, CEO of Stiles Corp. in Fort Lauderdale, are attracting interest. “It’s almost like we’re back to the rock-and-roll days. A well-located, well-cash-flowing product — you’re seeing anywhere from 15 to 30 bidders.”

Sector Vacancy Rent (per sq. ft.)
Office 19.1% $27.67
Industrial 8.0 6.63
Retail 9.3 20.32
» 1-Year Employment Change -400 jobs (-0.1%)

 

Perspectives

Tom Miller
CEO / Miller Construction,
Fort Lauderdale

“The private marketplace remains weak in the commercial, retail, office and industrial markets in most areas of south Florida. Some pockets of activity are in hospitality upgrades, the automotive retail sector, renovation of healthcare facilities, private education and renovation of existing retail facilities.”

Tags: Real Estate, Commercial Real Estate, Regional Snapshots

Digital Access

DIRECT DIGITAL ACCESS
Add digital to your current subscription, purchase a single ditgital issue, or start a new subscription to Florida Trend.

TABLE OF CONTENTS
An overview of the features and articles in this month's issue of Florida Trend.

ACCESS THIS ISSUE »

Florida Business News

Florida Trend Video Pick

Benefits management trends in Florida
Benefits management trends in Florida

David Faulkenberry, president, FBMC Benefits Management, explains what benefits most employers want to offer staff and what impact the ACA has had on public sector clients so far.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

How do you feel about the historic decision to remodel US-Cuba relations?

  • Well, it's about time!
  • I'm cautiously optimistic...
  • I'm skeptical about this at best...
  • Not in favor at all: Keep the embargo strong!

See Results

Ballot Box
Subscribe