July 28, 2015
Regional Snapshots - Broward County

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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

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