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Leasing activity drives new construction in FORT LAUDERDALE AND MIAMI

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SUBURBS SEE UPTICK IN ACTIVITY

Leasing activity has remained steady in the Fort Lauderdale and Miami market, with tenants expanding, renewing or leasing new space. This is evident as the vacancy rate for the suburban office market decreased by 50 basis points (bps) to 15.9%, with the largest amount of activity in the Brookfield and Mayfair/Wauwatosa submarkets. One of the largest office deals was Whyte Hirschboeck Dudek, S.C. leasing 12,160 sq. ft. at 20800 Swenson Drive in Waukesha. The increase in leasing activity this quarter has begun to outweigh new vacancies hitting the market.