Office vacancy rates continue to trend lower and asking rents are up in Southeast Florida. Hollywood remains competitively priced for businesses seeking a location with proximity to transportation network and access to a skilled professional workforce.
The Hollywood Office Market ended the second quarter 2017 with a vacancy rate of 6.2% The vacancy rate was down over the previous quarter (Q1 rate of 6.7%), with net absorption totaling positive 28,827 square feet in the second quarter. Rental rates ended the second quarter at $27.04, an increase over the previous quarter of $26.63. You can obtain updates on the office, industrial and retail markets and learn more about what Hollywood, Florida has to offer by visiting our website.
The city offers quality office buildings along key commercial corridors. Existing vacant space is an opportunity for companies seeking turn key solutions while there is opportunity for new office development. The City's Regional Activity Center, an area east of Interstate 95 including Downtown Hollywood, has implemented new zoning regulations which provide an opportunity for mixed-use developments in a burgeoning live, work, play environment.
If you are seeking office space in Hollywood, the City's Site Selection tool can help. If you seek sites to develop office and mixed-use projects you can view Opportunity Sites here.
Please contact our office directly for assistance in discussing your location or expansion plans.
Hollywood Office Market Snapshot| Q2 2017:
Data Source: CoStar Realty Information, 2017