Economic Impact Continues In Broward Co. Office Market
Florida Real Estate Journal reports: Sales activity of office product also decreased from the 567,900sf reported during second quarter 2008. Commercial sales are off by 77%, according to a recent report by Real Capital Analytics. Currently in Broward County, there is $147 million dollars of commercial office property classified as distressed. Overall, the South Florida market, with 263 troubled assets valued at $6.9 billion, is ranked sixth among U.S. markets in distress as a percentage of total property investment volume.
Due to economic uncertainty, new planned development will remain scarce throughout 2009 and very few construction projects are scheduled for delivery for the remainder of the year. Sawgrass Pointe II, located within the Sawgrass submarket, recently received its Certificate of Occupancy and was delivered to the market fully leased. Market corrections are projected to continue throughout 2009, yet positive indicators remain throughout Broward County’s office sector.
View the full article on Florida Real Estate Journal: Economic Impact Continues In Broward Co. Office Market
Posted by: Mark Alferman