Fairlead Commercial Real Estate has selected Cushman & Wakefield as exclusive leasing agent for 800 Fairway Drive, a 172,508-square-foot office building.
The leasing team of Executive Director Travis Herring, Executive Director Deanna Lobinsky, Director Katherine Ridgway and Associate Chase Kulp will represent building owner Fairlead Commercial Real Estate, which purchased the building in November 2015.
800 Fairway Drive is a four-story office building constructed in 1987 in Deerfield Beach’s Hillsboro Executive Center. Fairlead plans to make interior and exterior renovations in the near future.
“800 Fairway Drive’s central location in the tri-county area makes this an ideal destination for companies looking to draw on South Florida’s dynamic workforce,” said Herring. “Three-quarters of the region’s population lives within a one-hour drive of the building, and some of the nation’s most affluent communities are nearby.”
Cushman & Wakefield research has documented strong fundamentals across the board for the Broward County office market and foresees continued growth in the near term.
“Broward County’s office market approached an eight-year vacancy rate low of 11.7 percent,” wrote Senior Research Analyst Valerie Tatum in the firm’s 4Q 2015 Broward County Office MarketBeat Snapshot. “New supply remained unchanged, and strong positive absorption signaled the fourth consecutive year of healthy demand.”
“Leasing activity totaled 1.4 million square feet year-to-date, as many tenants expanded their space or moved into the market,” added Tatum. “Class A space experienced a significant decrease in vacancy to 8.2 percent from 12.6 percent over the last 12 months. The office market in Broward County is in position to have above average performance in 2016 on tightening market conditions and positive economic trends.”
“Construction will likely pick up as tenant demand strengthens and the lack of space options in the market increase,” concluded Tatum.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.