47 / 54
OUTLOOK
The office market in Broward County continued to experience
growth both in suburban and CBD submarkets on decreasing
available options. New construction is now being proposed
as tenant demand strengthens in the office-using sector.
Cushman & Wakefield anticipate continued improvement
throughout the Broward County area.
LAKESIDE PLAZA |
BROWARD OFFICE MARKET
CYPRESS CREEK OFFICE SUBMARKET
The Cypress Creek submarket benefits tremendously as the
only submarket in Broward County set adjacent to Interstate
95, the major thoroughfare of South Florida and the Eastern
United States. The fundamentals of this marquee submarket
are posied for significant tightening. There is no new office
supply under construction anywhere in Cypress Creek. As
a result, the average gross asking rent in the submarket has
increased 6.5% in the past 24 months. In terms of total size,
Cypress Creek is the second largest office market in Broward
County, with only the CBD having more square feet.
Stability within the submarket is provided by the plethora
of credit tenants that occupy large blocks of space. Tenants
such as Citrix, State Farm Insurance, TD Bank, Liberty Power,
AlphaStaff, Microsoft and University of Phoenix. Furthermore,
it has been speculated that Autonation could be moving their
entire headquarters operation to a build-to-suit in Cypress
Creek.
| 47
MARKET OVERVIEW
LAKESIDE PLAZA