No. 1 Shopping Destination for Office Buyers?

The frothy economy has left many owner-occupiers in need of new space. And many are looking in Broward, according to Avison Young’s Greg Martin and David Duckworth. At this point, flight to quality is still an option, says Greg (snapped with his daughter Sarah). The South Florida office market isn’t so tight that a creditworthy company can’t improve its company image by moving into a higher-quality facility in a downtown area or a more prestigious suburban office park environment. “On the other hand, the company could take advantage of the current interest rate environment to find a more permanent home for business, and I’m seeing more of them do that,” he says.

The interest is part of a broader movement into Broward among investors looking for stabilized office assets. “Although there’s an uptick in absorption and sale prices are increasing, there’s still a supply of reasonably priced assets,” David tells us (on the left, snapped some other time of the year… it’s a little hard to tell just when, though). Reasonably priced, but with upside potential. "Broward County has significantly less vacant land than Dade or Palm Beach counties, which will lead to accelerated appreciation once the economy hits the next boom cycle," he says. Avison Young’s South Florida office has brokered a number of office building sales recently, include a 27k F property in Oakland Park and a 37k SF building in Plantation Technology Park.