Floridians who are familiar with previous posts know that it is taking a bit longer for the commercial real estate market in South Florida to bounce back than it is for the residential real estate market. While home values throughout the local market have been on the rebound for a year or more, commercial property has not been quite as hot. That may be beginning to change.
According to a recent report, at least Broward County is experiencing a bit of a revival in terms of the construction of office buildings. The report indicates that Duke Realty, a major name in commercial real estate, is planning to build office buildings in Pembroke Pines that will add almost 600,000 square feet of space by the time the project is complete. The company has already begun to develop a 144,000 square office building, which will be the first of four in the area.
The project will be one of the biggest that the South Florida area has seen in years. The housing collapse of several years ago had the immediate side-effect of taking the commercial property market down with it, and most of our readers have probably heard how many office buildings, warehouses and retail locations throughout the country have been sitting empty for years now.
Although this large-scale office building project in Broward County is only one instance of commercial development, it could be a sign of things to come. As companies begin to have greater faith in the economy, they have begun to hire more employees. In South Florida, that means more space is needed and perhaps, consulting with a commercial real estate attorney.
Source: Sun Sentinel, “Office construction returning to Broward County,” Paul Owers, June 2, 2015