After Nearly A Decade Of Dormancy, Office Construction Returning

he Great Recession choked office construction for nearly a decade, but developers now see a market starved for space.

Edison Pembroke Pines rendering

Atlanta-based TPA Group says it’s planning a 330,000-square-foot office park along Interstate 75 at Southwest 145th Avenue near The Shoppes at Pembroke Gardens retail center. The Edison Pembroke Pines will consist of two, three-story buildings. A central clubhouse will have a gym, meeting space and a café.

“The project still needs final city approval, but the 165,000-square-foot first phase is expected to be ready by the first quarter of 2019,”  said Greg Martin, principal at Avison Young, the firm handling marketing and leasing. “The overall market in southwest Broward is strong. There isn’t a whole lot of quality space that’s available for tenants out there.”

Martin and Avison Young Vice President Justin Cope say they expect the project to attract technology and health care companies, among other users.

TPA has two other similar office parks under construction in Lake Mary, near Orlando, and Alpharetta, Ga.

Adjacent to the Edison project, Duke Realty recently completed a 143,000-square-foot office building. Duke was planning to build more offices in the area but ultimately sold the land to TPA.

The Stiles real estate firm is leasing and marketing a 25-story, 395,836-square-foot tower at 201 E. Las Olas Blvd. in downtown Fort Lauderdale. It’s expected to open in the fall of 2020.

In Palm Beach County, the Related Cos. of New York has proposed a 25-story tower along South Flagler Drive.

“With the lack of development over the last 10 years, the market is due to see some new product,” Cope said. “There are strong fundamentals. Rents are increasing and vacancies are coming down.”

 

Source: SunSentinel

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