Seven Leases Signed At Pembroke Pointe 880 Reflect Broward's Strong Office Market
Cushman & Wakefield's office leasing team has secured leases for seven tenants at Pembroke Pointe 880, a Class-A building developed in 2015 at 880 SW 145 Ave. in Pembroke Pines. The news is reflective of a growing trend: companies migrating to Broward for affordable rents and easy highway access.
The Miami Herald reports in 2016 alone, the Greater Fort Lauderdale Alliance, Broward County’s economic development arm, facilitated 20 company relocations and expansions, leading to 2,646 new jobs. Companies that have made Broward County their base include Chewy.com, Citrix and Microsoft Latin America.
Magic Leap, a massive tech company valued at $6B that is rumored to be working on virtual reality headsets, is based in Plantation.
It is understandable that Pembroke Pines would appeal to companies paying middle-class salaries in a car-driven, commuter culture. The city has the highest-density ZIP code in Broward, although while decent schools and affordable houses make it attractive to families, the city is ranked among the worst in the nation for singles.
When a Puerto Rican shoe company, Novus, was choosing where to open its first stateside store, it chose Pembroke Pines due to the demographics.
According to Cushman & Wakefield's Q3 market reports, the average overall asking rent for Class-A office space in Pembroke Pines/Cooper City is $34.50/SF. In Miami-Dade, that average is $44.94. The report noted "in core submarkets, demand outpaced available space as many buildings ended the third quarter 100% leased."
The Pembroke Pointe 880 site has ample parking and Interstate 75 frontage with high-visibility signage. Two of the building's new tenants are relocating: Evolution Lighting (which is renting 10K SF) from Miami and Costa Cruises, with 4,256 SF, from Hollywood. Miami-based beauty product distributor Boxy Charm leased 11K SF for its headquarters, where it will put 65 people.
The other tenants include CoreStaff, a Houston-based staffing company, leasing 8K SF to serve as a regional office for 36 employees; QEO Group, a Texas company leasing 5K SF to create a second corporate office for 20 employees; Kronos, a software company, leasing 7K SF for 40 people; and DeVry Education Group, leasing 14K SF.
Cushman & Wakefield's leasing team, Executive Director Deanna Lobinsky, Executive Director Travis Herring, Director Katherine Ridgway and Associate Chase Kulp, was brought on in 2016 to market Pembroke Pointe 880 on behalf of owner/developer Duke Realty. The newly announced leases bring occupancy to 86%.