Broward Basics vs. Miami Glam
One of Broward Countyâ€™s strengths as an office marketÂ is that it's really not competing toe-to-toe with Miami-Dade. (You know the old saying: Make Lease, Not War.)
"The Miami market presents a completely different dynamic than Broward," says Avison Young principal Greg Martin (snapped with daughter Sarah at the Iron Bowl). Tenants who want to locate in the vibrant Miami markets with international presence, such as Downtown, Brickell, Coral Gables, or Waterford, usually don't consider Broward County as an option. (They're also too busy watching LeBron to even worry about anything else.) On the other hand, tenants looking to locate in Broward are usually looking to take advantage of the area's labor force, transportation routes, and housing in 'burbs like Plantation, Cypress Creek, Miramar, and Sunrise. In many ways, he says, Broward's competing more with Atlanta, Dallas, and perhaps even Tampa and Orlando.
International glitz, in other words, isn't for everyone. (Some of us just don't tan well.) "The two markets have done a great job complementing each other," Greg says. Recently, Banyan Street Capital and DRA Advisors tapped Greg and colleague Peyton Moore to lease Pinnacle Corporate Park, a 260k SF, two-building office campus in Fort Lauderdale, which the two investors recently acquired. The acquisition was the second notable office building sale to close in the area recently, representing an uptick in investor activity within the Cypress Creek submarket.