Broward County Office Market Report Year-End 2018
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1 Economic Incentives Foster Business Growth in Broward County as Significant Leasing Activity Takes Place in the CBD Broward County's office market continued to strengthen as strong leasing activity took place throughout the fourth quarter of 208. Economic fundamentals maintained their positive trajectory with the non-seasonally adjusted unemployment rate further declining to an impressive 2.8% as of November 208, the lowest unemployment rate the county has seen in over a decade. Several new corporate headquarters, such as JetBlue Travel Products and Virgin Voyages, were drawn to the market during 208 due to the county's business-friendly tax environment, economic incentives dedicated to job growth, and greater regional connectivity created through the opening of the Brightline high-speed rail system (now Virgin Trains USA). Net absorption for the year remained in positive territory with 29,30 sf being absorbed by the market during 208. The overall vacancy rate inched upwards to 0.69%, a 93-basis point (bps) increase over the previous year, as the trend in consolidating office space continues throughout the market. However, this trend is also creating opportunity for new tenants looking to expand. Significant leasing activity took place in the CBD during the fourth quarter with Main Las Olas, a 35,000-sf class A office development currently under construction in Downtown Fort, signing three new office leases for a total of 90,094 sf. The three deals were closed shortly after the office building broke ground and the tenants include Akerman, BBX Capital, and Berger Singerman. The office market faces significant land constraints in Broward County as most available supply has already been zoned for residential use. Despite this, consistent demand has sparked 94,23 sf of new office development projects in Downtown Fort, as well as in outer suburban submarkets like Sunrise, Plantation, and Hallandale. This demonstration of investor and developer confidence is a likely indicator that the office market will continue its positive trend in 209. Office sales activity for 208 is up 8.% Y-O-Y with sales volume totaling $696. MM Office Market Snapshot The success of Plantation-based Magic Leap, an augmented reality tech startup now valued at over $2 billion, is beginning to attract the attention of more technology companies in Broward County. During the fourth quarter, United Data Technologies relocated its headquarters from its previous location in Doral to the newly delivered Miramar Tech Center in Southwest Broward. The company occupied 2,55 sf at the building and received a local job growth incentive deal from the county to create 42 new jobs. The move highlights Broward County as a viable, less-expensive alternative to the Miami market. Investment activity was strong throughout the first three quarters of 208. Despite a deceleration in sales activity during the fourth quarter, the total transaction volume for 208 was $696. million, an 8.% gain over the previous year. The most significant office transaction during the fourth quarter was the $3.8 million sale of the Bank of America Plaza to The Kislak Organization. Avison Young representated the seller in the deal. Investors are showing signs of hesitancy as they contend with a volatile stock market and uncertainty regarding rising interest rates, however, investment is likely to continue throughout 209. Hallandale is emerging as a hotbed for development activity in Broward County with a construction pipeline that now encompasses four major class A office projects totaling 626,60 sf. Hallandale's location midway between both the CBD for Fort and the CBD for Miami make it an attractive location for businesses. Metropica, a $.5-billion mixed-use urban development currently underway in Sunrise, will be moving forward with plans for its 0,000-sf class A office project. The building's unique location within an amenity-rich urban development is a step away from the traditional business park setting of Sunrise, and its current asking triple-net rent of $32.00 per sf is an affordable alternative to the CBD for an amenity-rich environment MSF 29,30 SF 0.69% $3.34/SF/FS Total office inventory in the Broward County market Direct Y-T-D net absorption as of 4Q-208 Overall Vacancy Average rental rate for class A space
2 Year-End 20 Vacancy Rate YTD Net Absorption (SF) Average Asking Rent Rate ($/SF/FS) 25% 300,000 $ % 200,000 $ % 0% 00,000 $ % 0 $ % Q-208 (00,000) Class A Class B $ Q-208 Direct Sublet CBD Non-CBD Total Class A Class B Total BROWARD COUNTY OFFICE MARKET AT A GLANCE 3.6% NOV-20 CHANGE IN BROWARD COUNTY UNEMPLOYMENT RATE 2.8% NOV-208 A GROWING NUMBER OF TECH FIRMS ARE ENTERING THE MARKET SQUARE FEET CURRENTLY UNDER CONSTRUCTION INCREASE IN TOTAL NON-FARM EMPLOYMENT SINCE 4Q-20 RENTAL RATE INCREASE OVER THE TRAILING 2-MOS ENDING 4Q-208 A BUSINESS-FRIENDLY TAX ENVIRONMENT AND JOB GROWTH INCENTIVES ARE ATTRACTING NEW CORPORATE HEADQUARTERS 4 MAJOR CLASS A OFFICE PROJECTS CURRENTLY IN THE DEVELOPMENT PIPELINE FOR HALLADALE BEACH ASKING TRIPLE-NET RENT FOR NEW CLASS A OFFICE PROPOSED AT METROPICA IN SUNRISE IN TOTAL OFFICE SALES VOLUME DURING 208
3 Year-End 20 Broward County Class A 3,64,28,455,050,0 $ % 0.5% 0.8%.38% 905,05 403,39 Class B 8,80,54,838,08 6,6 $ % 9.8% 0.4% 0.8% 36,26 (2,89) Total 32,565,852 3,293,3 88,426 $ % 0.% 0.58% 0.69% 94,23 29,30 CBD Class A 4,042,36 532,03 50,625 $ % 3.6%.25% 4.4% 452,480 4,849 Class B,064,63 64,328 0 $ % 6.04% 0.00% 6.04% 36,26 3,298 Total 5,06, ,359 50,625 $ %.68% 0.99% 2.6% 488,696 5,4 Non-CBD Class A 9,2,9 923,09 6,085 $ % 9.49% 0.63% 0.2% 452,5 355,40 Class B,36,943,3,53 6,6 $ % 0.00% 0.43% 0.43% 0 (5,48) Total 2,458,854 2,696,2 3,80 $ % 9.82% 0.50% 0.32% 452,5 239,983 Cypress Creek Class A 2,99, ,839 44,229 $ % 5.6%.52%.3% 0,5 Class B 3,03,8 482,852 35,02 $ % 5.93%.6%.09% 0 (,428) Total 5,0, ,69 9,256 $ % 5.8%.33%.% 0 64,52 Central Broward Class A $ % 0.00% 0.00% 0.00% 0 0 Class B 3,34,56 42,685,59 $ % 2.33% 0.05% 2.38% 0 3,59 Total 3,34,56 42,685,59 $ % 2.33% 0.05% 2.38% 0 3,59 Downtown Fort Class A 4,042,36 532,03 50,625 $ % 3.6%.25% 4.4% 452,480 4,849 Class B,064,63 64,328 0 $ % 6.04% 0.00% 6.04% 36,26 3,298 Total 5,06, ,359 50,625 $ %.68% 0.99% 2.6% 488,696 5,4 Hallandale Class A $ % 0.00% 0.00% 0.00% 286,5 0 Class B 500,355 8,606 0 $ %.5% 0.00%.5% 0 (3,43) Total 500,355 8,606 0 $ %.5% 0.00%.5% 286,5 (3,43) Class A 28,600 22,59 3,862 $ % 8.02%.3% 9.40% 0 9,246 Class B,5,2 29,26 0 $3.6 9.% 8.23% 0.00% 8.23% 0 (22,82) Total,852,2 5,864 3,862 $ % 8.20% 0.2% 8.4% 0 (3,566) Northwest Broward Class A 505,504 53,692 0 $ % 0.62% 0.00% 0.62% 0 9,006 Class B,35,49 2,00 0 $ % 5.30% 0.00% 5.30% 0,838 Total,862,983 25,693 0 $ % 6.5% 0.00% 6.5% 0 80,844 Plantation Class A,46,223 0,636 4, $ %.5% 0.32%.89% 0 05,642 Class B 2,364,688 28,220 9,94 $ % 5.42% 0.84% 6.26% 0 0,3 Total 3,825,9 238,856 24,505 $ % 6.24% 0.64% 6.88% 0 6,33 Northeast Broward Class A 35,692 28,889 0 $ %.69% 0.00%.69% 0 53,805 Class B 2,38,326,56 0 $ %.44% 0.00%.44% 0 (9,8) Total 2,5,08 206,045 0 $ %.4% 0.00%.4% 0 (25,36) Sawgrass Class A,689,46 93,30 2,632 $ % 5.52% 0.6% 5.68% 0 9,309 Class B,228,8 52,204 9,832 $ % 2.39%.6% 4.00% 0 (4,534) Total 2,9, ,5 22,464 $ % 8.4% 0.% 9.8% 0 (22,225) Southwest Broward Class A 2,489,498 58,059 5,65 $ % 6.35% 0.23% 6.58% 66,000 86,50 Class B,4,8 3, $ % 6.4% 0.02% 6.6% 0 (23,225) Total 4,444, ,82 6, $ % 6.52% 0.4% 6.66% 66,000 63,282 Reporting Methodology: This report includes all class 'A' and 'B' office buildings and parks 20,000 SF and greater in Broward County that are not owner occupied, office medical, or government owned. All rents are reported on a full-service gross basis and are direct weighted averages calculated on total available space. The information in this report has been collected by the Avison Young research team via sources that are deemed reliable but is not guaranteed.
4 Economic fundamentals continued to improve as Broward County's unemployment rate declined to 2.8%, the lowest recorded unemployment rate the county has seen in over a decade. Leading Indicators (Y-O-Y 4Q-20 to 4Q-208) Vacancy Rate 0.69% Net Absorption 29,30 SF Average Asking Rate (FS) $3.62 New Construction 94,23 SF Total Employment.0 MM Significant Fourth Quarter 208 Lease Transactions - Sorted by SF Tenant Property Type SF Submarket Akerman Main Las Olas New 40,000 Downtown Fort American Resource Management Headway Office New 29,43 Cypress Creek e-builder Sawgrass Lake Center New 28,60 Sawgrass BBX Capital Main Las Olas New 25,04 Downtown Fort Berger Singerman Main Las Olas New 25,04 Downtown Fort Landau & Associates Sawgrass Technology New 22,606 Sawgrass Morgan & Morgan* Crossroads Business II New 20,226 Plantation Alarm.com Museum Plaza New 6,048 Downtown Fort * Avison Young handled this transaction Significant Fourth Quarter 208 Sales Transactions - Sorted by Sale Price Property SF Sale Price Price/SF Buyer Submarket Bank of America Plaza* 9,942 $3,849,000 $3 The Kislak Organization Plantation 250 South Pine Island 6,362 $2,825,000 $209 Medical Air Services Association Plantation * Avison Young handled this transaction 209 Avison Young - Florida, LLC. All rights reserved. E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young.
5 Year-End 20 PALM BEACH COUNTY BROWARD COUNTY NW BROWARD PLANTATION SAWGRASS SW BROWARD HOLLYWOOD SUBMARKETS Weston NE BROWARD CYPRESS CREEK DOWNTOWN FORT LAUDERDALE CENTRAL BROWARD HALLANDALE Sunrise Coral Springs Tamarac 80 Plantation 5 Davie land Lauderhill 84 Margate North Lakes 842 Broadview Hillsboro Pines Coconut Creek Roosevelt Washington Boulevard Deerfield Oakland Wilton Manors Pompano Fort Boca Raton Hillsboro Lighthouse Point AA Sea Ranch Lakes by-the-sea Contact Information Greg Martin Principal 500 W Cypress Creek Rd., Suite 350 Fort, FL greg.martin@ David Duckworth Principal 500 W Cypress Creek Rd., Suite 350 Fort, FL david.duckworth@ Evie Linger Research Analyst 500 W Cypress Creek Rd, Suite 350 Fort, FL evie.linger@ Broward Office Team Justin Cope Vice President Lisa Blumer Associate Southwest Ranches BROWARD COUNTY MIAMI-DADE COUNTY 82 5 Pembroke Pines Miramar Country Club Cooper City Miami Pembroke West Ft - Int l Airport Dania Ojus North Miami Hallandale Aventura AA Golden Sunny Isles 209 Avison Young - Florida, LLC. All rights reserved. E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young.
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