Avison Young in Fort Lauderdale
Avison Young opened its South Florida offices in 2012 with 30 members joining from Flagler Real Estate Services. The Fort Lauderdale office offers a full suite of services including agency leasing, tenant representation, capital markets, project management and property management, with relationships across the country.
The Fort Lauderdale agency leasing team represents more than 2.5 million square feet of office buildings in some of the county’s most vibrant markets. Fort Lauderdale’s capital markets team is a part of the Florida Capital Markets Group which completed more than $500 million worth of transactions in 2016 for some of the largest global owners and operators of real estate, as well as local and entrepreneurial owners and developers. Property Management and accounting services are headquartered out of the Fort Lauderdale office and have grown their footprint to 13 million square feet under management throughout the state.
Whether you are an owner, investor, occupier or developer, we deliver results aligned with your strategic business objectives, supporting real estate initiatives that add value and build a competitive advantage for your organization.
In addition to offering an outstanding lifestyle that is second to none, Broward County also boasts one of the largest and most diverse labor forces in the state of Florida, along with a growing and increasingly diversified talent pool. In addition, it offers easy access to both domestic and international markets, including excellent access to Latin America and the Caribbean; world-class educational opportunities, and a business-friendly government. Broward County is home to more than 200 corporate and regional headquarters, including American Express, AutoNation, Citrix Systems, Costa Cruise Lines, DHL Solutions Americas, Embraer, Hotwire Communications, Huizenga Holdings, Microsoft, Spirit Airlines, and Stemtech International. Fort Lauderdale has been named one of the top 25 best places to live and as having one of the top 10 downtowns in the U.S. by Livability.com, and one of the country’s “100 Best Places to Live and Launch a Business” by CNN Money.
Healthy local and statewide economic factors continue to fuel strong leasing activity in Broward County. Demand for office space remains vigorous, with healthy net absorption in all submarkets and consistent rental rate growth in the most sought-after areas. Developers are increasingly interested in areas close to the urban core for infill redevelopment, and local economic factors continue to fuel healthy leasing activity. A competitive investment market persists in Broward County and developers are capitalizing on the opportunity to develop high quality office space, most notably in Southwest Broward. As market conditions continue to tighten, new construction continues in moderation in both urban and suburban areas, and the county is expected to experience continued positive momentum in 2017.
An expanding labor force, supported by new jobs in the transportation and logistics sectors, has positioned Broward County’s industrial market for continued growth. A relative imbalance between tenant demand and new product has also driven an active construction market, and rising rental rates and a decline in overall vacancy will continue to pressure developers to move forward with several planned projects. Leasing activity has been supported by demand for quality space, most notably from wholesale distributors and construction firms, and that trend is expected to continue in 2017. Moving forward, a continued strengthening in market fundamentals is anticipated, while sustained economic growth, coupled with high demand and low supply, could drive additional future development.
Economic expansion and declining unemployment are fueling the retail sector’s growth in Broward County. Market fundamentals continued to improve as demonstrated by declining vacancy rates and rental rate growth, and there is a considerable amount of new retail product scheduled for delivery in 2017. A continued tightening in market conditions and sustained economic growth are expected to persist and should promote healthy leasing activity and incremental gains in rental rates.
Investment interest continued at a steady pace and significant capital continued to chase deals in Broward County throughout 2016. During the trailing 12 months ending December 2016, there were 156 sales of properties $2.5 million and higher, totalling $2.4 billion and just over 12 million square feet. The most significant office sale in 2016 was Deutsche Bank’s purchase of Las Olas City Centre in Downtown Fort Lauderdale. This trophy property closed in the third quarter and sold for $220 million, or $539 psf. Investment sales during 2016 primarily involved private and institutional investors, which together accounted for 73% of all sales.