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Employers eying talent should look to Flagler Village, as downtown’s northward shift is expected to continue amidst a robust development pipeline/784/fort-lauderdale-3-19-18-employers-eying-talent<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/office-people-sitting-at-table-talking.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/784/fort-lauderdale-3-19-18-employers-eying-talentEmployers eying talent should look to Flagler Village, as downtown’s northward shift is expected to continue amidst a robust development pipelineSince 2010, population in Fort Lauderdale’s CBD has been concentrated north of Broward County in the area known as Flagler Village.
Since 2005 there have been more than 5,500 new units delivered in and around the Downtown/765/fort-lauderdale-3-12-18-downtown-deliveries<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/residential-multifamily-bacony.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/765/fort-lauderdale-3-12-18-downtown-deliveriesSince 2005 there have been more than 5,500 new units delivered in and around the DowntownPrior to 2005, there were few options for people to “live, work, and play” in Downtown Fort Lauderdale.
The tightening market and strong capital market activity has helped propel rent growth in Sawgrass Park/738/fort-lauderdale-3-5-18-sawgrass-park-rent-growth<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-exterior.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/738/fort-lauderdale-3-5-18-sawgrass-park-rent-growthThe tightening market and strong capital market activity has helped propel rent growth in Sawgrass ParkBase asking rents in Sawgrass Park have increased 17.5 percent since the start of 2014 to $21.09 per square foot.
110 East Broward accounts for 72.0 percent of Class B vacancy in Downtown Fort Lauderdale/716/fort-lauderdale-2-26-18-east-broward<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-office-exterior-windows-lights.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/716/fort-lauderdale-2-26-18-east-broward110 East Broward accounts for 72.0 percent of Class B vacancy in Downtown Fort Lauderdale​Currently, the average full service asking rent among Class B properties is $34.26 per square foot and the average vacancy is 22.3 percent.
Class A CBD office leasing activity remains below the seven year-average /690/fort-lauderdale-2-19-18-cbd-office-leasing-below-average<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/building-birdseye-trees.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/690/fort-lauderdale-2-19-18-cbd-office-leasing-below-averageClass A CBD office leasing activity remains below the seven year-average Nine of the last 12 quarters (2015-2017) have closed with total Class A CBD leasing activity below the seven year average – a major lease up of space from 2012-2014 propelled this trend.
The Downtown submarket has seen the average term increase three years in a row/611/fort-lauderdale-1-22-18-downtown-submarket<img alt="" src="/united-states/en-us/PublishingImages/Snapshots/interior-office-modern-large-window-on-background-jll.jpg?RenditionID=6" style="BORDER:0px solid;" />/united-states/en-us/research/snapshots/611/fort-lauderdale-1-22-18-downtown-submarketThe Downtown submarket has seen the average term increase three years in a row​The average term for a Class A tenant in Downtown Fort Lauderdale has increased for the third year in a row to 89 months – the highest we have on record.