2019-07-10_DTZ戴德梁行_Office_Q1_2019_Broward_County_4页_726kb

报告摘要

Broward County Office Market Summary - Q1 2019

Core Content Overview

The Broward County office market experienced notable growth and activity in Q1 2019, driven by strong employment trends, increasing demand for space, and a shift in tenant preferences towards suburban and Class B assets. The market is characterized by a mix of asset classes, with significant activity concentrated in specific submarkets such as West Broward, Sunrise, and Cypress Creek/Commercial.

Economic Indicators

Broward County Employment: Increased by nearly 14,000 jobs year-over-year (YOY), leading to a 40 basis-point (bps) decline in the unemployment rate to 3.2%.
Professional & Business Services: Recorded 4.4% YOY growth in employment.
Finance, Insurance, and Related Activities: Experienced 3.8% YOY growth.
U.S. Unemployment: Dropped to 3.8% from 4.1%, reflecting a broader national trend.

Market Indicators (Overall, All Classes)

Metric	Q1 18	Q1 19	12-Month Forecast
Vacancy Rate	12.0%	11.8%	▼
YTD Net Absorption (sf)	103k	88k	▲
Under Construction (sf)	255k	703k	▲
Average Asking Rent*	$30.35	$31.45	▲

Overall vacancy rate dropped 100 bps YOY to 11.8%, the lowest in over 10 years.
YTD net absorption was 88k sf, with the strongest absorption since Q1 2013.
Under construction increased to 703k sf, signaling future supply growth.
Average asking rent rose to $31.45 psf, with Class A rents at $37.53 psf and Class B at $28.19 psf.

Market Highlights

Demand for suburban Class B assets exceeded that of Class A, indicating a shift in tenant preferences.
Tenant interest from expanding technology and business services firms is expected to drive further growth.
Cushman & Wakefield anticipates continued rent increases, prompting developers to proceed with construction projects.

Submarket Performance

Submarket	Inventory (SF)	Sublet Vacant (SF)	Direct Vacant (SF)	Overall Vacancy Rate	Current Qtr Net Absorption (SF)	YTD Net Absorption (SF)	YTD Leasing Activity (SF)	Under Construction (SF)	Avg Asking Rent (All Classes)	Avg Asking Rent (Class A)
Ft. Lauderdale CBD	5,203,589	40,320	741,229	15.0%	-749	-749	37,337	474,521	$41.44	$46.24
Suburban Broward County	23,106,155	69,921	2,493,386	11.1%	89,197	89,197	364,788	228,600	$28.19	$33.28
Cypress Creek/Commercial	6,467,844	40,544	1,073,253	17.2%	22,831	22,831	169,869	0	$26.24	$31.10
Hollywood/Hallandale	3,180,997	0	339,150	10.7%	26,806	26,806	26,214	0	$30.01	$39.87
West Broward	7,143,683	21,369	428,539	6.3%	26,920	26,920	145,444	63,600	$28.66	$33.70
Sunrise	3,058,054	0	190,469	6.2%	10,565	10,565	123,497	0	$32.00	$32.77
Plantation	3,246,127	19,542	213,466	7.2%	15,814	15,814	18,445	63,600	$24.97	$36.13
Weston	839,502	1,827	24,604	3.1%	3,502	3,502	3,502	0	$37.10	$39.15
Northeast Broward	1,769,613	1,834	174,092	9.9%	9,205	9,205	9,205	0	$23.83	$31.80
Pompano Beach	654,269	350	95,367	14.6%	5,419	5,419	5,419	0	$20.14	N/A
Deerfield Beach	1,115,344	1,484	78,725	7.2%	3,786	3,786	3,786	0	$28.23	$31.80
Southwest Broward	2,896,522	xxx	307,695	10.8%	-8,493	-8,493	5,089	165,000	$33.82	$35.97
Pembroke Pines/Cooper City	848,918	1,500	95,443	11.4%	0	0	0	165,000	$30.85	$38.34
Miramar	2,047,604	3,674	212,252	10.5%	-8,493	-8,493	5,089	0	$35.16	$35.72
Northwest Broward	1,647,496	0	170,657	10.4%	8,965	8,965	8,967	0	$27.17	$31.00
Tamarac/Margate	458,868	0	36,376	7.9%	1,048	1,048	1,048	0	$18.44	N/A
Broward Total	28,309,744	110,241	3,234,615	11.8%	88,448	88,448	402,125	703,121	$31.45	$37.53

Key Trends

Class B assets saw the strongest YOY rent growth, particularly in Sunrise (5.8%) and Weston (7.7%).
Suburban areas attracted more tenants due to affordability, with Class B suburban vacancy dropping nearly 400 bps to 10.8%.
CBD Class A vacancy remained stable at 11.4%, but Class A overall vacancy is expected to rise slightly in the second half of 2019.
Investment sales volume totaled 1.8 million sf, with Class B dominating the activity at 1.3 million sf, reflecting a 54% increase compared to Q1 2018.

Key Lease Transactions Q1 2019

Property	SF	Tenant	Transaction Type	Submarket
2100 N Commerce Parkway	133,503	General Services Administration	Renewal*	Weston
1340 Concord Terrace	100,710	Ultimate Software Group	New	Sunrise
5341 NW 33rd Avenue	45,778	Universal Property & Casualty Insurance Co.	New	Cypress Creek / Commercial
4620 N State Road 7	29,706	Infinity Behavioral Health Services	New	Cypress Creek / Commercial

Key Sales Transactions Q1 2019

Property	SF	Seller/Buyer	Price / $PSF	Submarket
Sawgrass Technology Park	649,676	Fifteen Group/Bridge Investment Group	$74,250,000/$114	Sunrise
Hillsboro Center I-V	238,065	TriGate Capital/Grover Corlew	$32,363,000/$136	Deerfield Beach
Lakeshore Business Center	234,954	Morning Calm Management/YMP RE Mgmt	$29,250,000/$124	Cypress Creek / Commercial
Trade Center South	216,000	DRA Advisors/Cardinal Point Mgmt	$41,675,000/$193	Cypress Creek / Commercial

Conclusion

The Broward County office market demonstrated resilience and growth in Q1 2019, with strong employment and leasing activity, particularly in suburban and Class B assets. While Class A rents and vacancy rates remained relatively stable, the shift in tenant behavior and investment activity highlights a growing preference for cost-effective suburban spaces. As new construction and tenant expansion continue, the market is expected to see further absorption and rent increases, especially in key submarkets like West Broward and Cypress Creek/Commercial.

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