Office Market Shows Signs Of Life; Class A Struggling

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CoStar’s 2nd quarter 2011 have just been released.

South Florida’s Office market and Retail market improved slightly, industrial market remains flat for the quarter.

According to the report, overall office market improved to 14.6% vacancy from 14.7% vacancy in first quarter.  Class A product is still in the doldrums with a 21.3% vacancy at the end of 2nd quarter.

Industrial vacancy stands at 9.0% with no change from 1st quarter results.

With moderate improvement, the retail market vacancy has decreased to 6.6%. It appears the bottom has been reached in retail rental rates. Rental rates in 2nd quarter average $19.56 per square foot; that compare to $19.41 per square foot in the first quarter of 2011 and $20.25 per square foot at the end of the third quarter 2010. This represents a 0.8% increase in rental rates in the current quarter and a 3.53% decrease from four quarters ago.

Largest Office Leases For 2011:

  • KeiserUniversity:  90,000 sq.ft.
  • Franklin Templeton Investments:  87,362 sq.ft.
  • Wells Fargo:  75,000sq.ft.

 

Largest Industrial Leases For 2011:

  • Bel Inc.:  342,750 sq.ft.
  • DHL Global Forwarding:  201,399 sq.ft.
  • GA Telesis:  140,000 sq.ft.

 

Largest Retail Leases For 2011:

  • Ashley Furniture Home Store:  93,680sq.ft.
  • Burlington Coat Factory:  67,899 sq.ft.
  • L.A.Fitness:  52,780 sq.ft.

 

View the full 2nd Quarter CoStar Reports on this site under “Market Reports”

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