2019-07-10_DTZ戴德梁行_Office_Q3_2018_Broward_County_2页_416kb
报告摘要
Broward County Office Market Summary Q3 2018
Core Content
Broward County's office market showed positive trends in Q3 2018, with a decline in unemployment and an increase in employment and leasing activity. The overall market fundamentals are expected to continue on a favorable trajectory.
Economic Indicators
- Broward County Employment:
- Q3 17: 1.0M
- Q3 18: 1.0M
- 12-Month Forecast: ▲
- Broward County Unemployment:
- Q3 17: 4.0%
- Q3 18: 3.5%
- 12-Month Forecast: ▼
- U.S. Unemployment:
- Q3 17: 4.4%
- Q3 18: 3.9%
- 12-Month Forecast: ▼
The county's unemployment rate decreased by 50 basis points year-over-year, driven by economic growth. A total of +10,600 new jobs were added, leading to a 4.2% increase in the non-agricultural labor force over the past year. This growth positively impacted office space demand, particularly in the professional & business services sector.
Market Overview
- Vacancy Rate:
- Q3 17: 12.3%
- Q3 18: 12.2%
- 12-Month Forecast: ▼
- YTD Net Absorption (sf):
- Q3 17: 81k
- Q3 18: 14k
- 12-Month Forecast: ▲
- Under Construction (sf):
- Q3 17: 149k
- Q3 18: 306k
- 12-Month Forecast: ▲
- Average Asking Rent (all classes):
- Q3 17: $29.51
- Q3 18: $30.72
- 12-Month Forecast: ▲
Vacancy rates slightly declined, and tenant demand increased in certain areas. The West Broward submarket saw a significant drop in vacancy, falling by 130 bps to 7.1%. Suburban submarkets experienced a rise in asking rents by +3.7% year-over-year, while CBD asking rents increased by +3.2% over four quarters to $42.30 psf, which is 37% higher than the county average. The Brightline train station influenced CBD demand by offering flexible commuting options and attracting talent from neighboring counties.
Landlords in Broward County had to offer enhanced tenant improvement packages to maintain competitiveness amid rising rents and construction costs. Leasing activity in suburban submarkets exceeded +1.3 msf in the first nine months of the year, with overall leasing activity increasing by +13.1% quarter-over-quarter. The "summer slowdown" did not occur, as touring and leasing proposals remained strong.
Developers responded to the demand for high-quality office space, with 255,340 sf under construction and scheduled for delivery in the first half of 2019. Investment sale activity remained robust, with +2.4 msf transacted this year, mostly outside the CBD.
Outlook
Cushman & Wakefield expects continued positive momentum in the office market throughout 2018 and into 2019, driven by new construction and rising rental rates.
Key Market Data
| 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) |
|---|---|---|---|---|---|---|---|---|---|---|
| Fort Lauderdale CBD | 5,267,211 | 56,794 | 680,345 | 14.0% | (4,454) | (48,612) | 211,634 | 77,100 | $42.30 | $45.23 |
| Suburban Broward County | 22,355,746 | 133,498 | 2,502,312 | 11.8% | 27,025 | 62,927 | 1,318,689 | 228,600 | $27.48 | $32.57 |
| Cypress Creek/Commercial | 6,554,651 | 84,779 | 1,105,918 | 18.2% | (16,859) | 21,548 | 418,170 | 0 | $25.43 | $31.23 |
| Hollywood/Hallandale | 2,377,334 | 3,862 | 237,939 | 10.2% | (17,508) | (7,324) | 141,067 | 0 | $29.30 | $33.77 |
| West Broward | 6,866,500 | 40,957 | 447,346 | 7.1% | 25,530 | 28,292 | 485,630 | 63,600 | $29.83 | $32.87 |
| Sunrise | 3,051,730 | 23,577 | 226,004 | 8.2% | (3,323) | 34,869 | 248,745 | 0 | $29.64 | $32.21 |
| Plantation | 2,978,021 | 17,380 | 207,104 | 7.5% | 26,096 | (6,240) | 224,527 | 63,600 | $29.74 | $35.38 |
| Weston | 836,749 | 0 | 14,238 | 1.7% | 2,757 | (337) | 12,358 | 0 | $34.62 | $36.50 |
| Northeast Broward | 1,820,786 | 2,700 | 190,602 | 10.6% | 24,102 | 36,602 | 125,338 | 0 | $23.96 | $30.50 |
| Pompano Beach | 704,911 | 2,700 | 130,965 | 19.0% | (5,767) | (23,671) | 31,067 | 0 | $23.07 | N/A |
| Deerfield Beach | 1,115,875 | 0 | 59,637 | 5.3% | 29,869 | 60,273 | 94,271 | 0 | $25.95 | $30.50 |
| Southwest Broward | 2,927,780 | 0 | 296,952 | 10.1% | 20,234 | 5,402 | 86,971 | 165,000 | $34.02 | $34.44 |
| Pembroke Pines/Cooper City | 851,174 | 0 | 93,389 | 11.0% | 4,624 | 294 | 25,396 | 165,000 | $33.75 | $36.00 |
| Miramar | 2,076,606 | 0 | 203,563 | 9.8% | 15,610 | 5,108 | 61,575 | 0 | $34.15 | $34.28 |
| Northwest Broward | 1,808,695 | 1,200 | 223,555 | 12.4% | (8,474) | (21,593) | 61,513 | 0 | $25.65 | $29.50 |
| Coral Springs | 1,340,346 | 0 | 178,892 | 13.3% | (574) | (17,707) | 47,922 | 0 | $27.92 | $29.50 |
| Tamarac/Margate | 468,349 | 1,200 | 44,663 | 9.8% | (7,900) | (3,886) | 13,591 | 0 | $16.82 | N/A |
| Broward Total | 22,355,746 | 190,292 | 3,182,657 | 12.2% | 22,571 | 14,315 | 1,530,323 | 305,700 | $30.72 | $36.73 |
Key Lease Transactions Q3 2018
- Plantation Walk Office: 75,042 sf, Aetna, Direct, Plantation
- 789 International Parkway: 63,850 sf, Comcast, Renewal, Sunrise
- 800 Fairway Drive: 37,994 sf, Sentry Data, Renewal, Deerfield Beach
Key Sales Transactions Q3 2018
- 2400 E Commercial Blvd – Coastal Tower: 272,547 sf, CalSTRS & CBRE Global Investors / Cardinal Point Real Estate, LLC, $47,500,000/$174, Cypress Creek/Commercial
- 8601 W Sunrise Blvd: 130,549 sf, Winthrop Realty Liquidating Trust / Fifteen Group, $12,000,000/$92, West Broward
- 1801 NW 66th Ave: 101,507 sf, TA Realty / Zaragon Holdings, Inc., $21,150,000/$203, Coral Springs
Contact Information
- Chris Owen: Director, Florida Research, Tel: +1 407 541 4417, Email: chris.owen@cushwake.com
- JD Brussels: Senior Analyst, Tel: +1 954 377 0492, Email: jd.brussels@cushwake.com
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 48,000 employees in 400 offices across 70 countries. In 2017, the firm reported $6.9 billion in revenue across core services such as property management, leasing, and capital markets. The firm provides value to real estate occupiers and owners through innovative solutions and services.
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