There has been a surge in leasing activity as companies have relocated to the downtown and Las Olas market. Traditionally, the downtown office space has primarily consisted of law firms and financial companies, but a new wave of tenants has increasingly featured a more diverse mix of businesses including healthcare and technology companies. The desire for the live/work urban office setting has been a catalyst for growth. And as more companies relocate to the area, more people will consider urban living.
Fort Lauderdale’s office fundamentals are strong.
With key economic indicators trending in a positive direction, and employment and output increasing, small businesses and service companies have continued to prosper on Las Olas Boulevard. That, along with Fort Lauderdale’s increasing gross metropolitan product (GMP), Las Olas Boulevard boasts a strong concentration of small businesses to population, another sign of corporate health.
Overall, the Broward office markets experienced a healthy recovery as vacancy rates have been decreasing. According to CBRE Econometrics, the vacancy in the Fort Lauderdale market is at 13.8%, a 680 basis point decline from the recession in 2011. Specific to the prime office space on the Las Olas corridor, vacancy levels are even lower at only 7.3%, a 680 basis point decline over the last two years. With these improving market conditions, discussions of new office construction have been occurring. Additionally, the improved fundamentals and demand for central business district locations has brought a new wave of institutional office owners to the market over the last year or two.
Las Olas Boulevard is a distinguished address for many of Fort Lauderdale’s leading companies, law firms and service professionals.
Nestled between downtown Fort Lauderdale and one of the most upscale residential communities in Broward, Las Olas Boulevard is just minutes from the airport, seaport and beaches, conveniently located near Fort Lauderdale’s central business district. It’s no wonder so many companies and professionals have chosen Las Olas Boulevard as their home. These savvy companies recognize the advantages of having a world-class hotel in the area for out-of-town clients to stay. They also like having access to excellent restaurants, where they can dine and entertain clients, and employees can walk to lunch in the area and enjoy happy hour with colleagues after work.
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