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Q3 2020 Broward Office Market Report

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A Rise In Sublease Space and a Shift in Interest to Broward’s Suburban Office Submarkets in the Third Quarter of 2020

Leasing in the Broward County office market is moving at a gradual pace, with very little new activity, as the County loosens restrictions and companies plan their next steps. The slow momentum experienced this quarter drove landlords to offer lower rates, and other incentives such as short-term leases and concessions, leading to minimal changes in asking rental rates. With few deals closing, the overall asking rent for office space increased minimally by 0.1 percent, to $33.59 per square foot, while the Class A asking rent decreased only 0.46 percent quarter-over-quarter to $39.37 per square foot. Leasing activity in the third quarter of 2020 amounts to only half of the square footage of the leasing activity at the same period of 2019, but remained steady quarter-over-quarter. Net absorption was consistent with the previous quarter, driving vacancy up to 10.8 percent, an increase of 60-basis points from the second quarter.

3Q 2020 BC Office

Q3 2020 Broward Office Market Report

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Verity Mosquera

Research and Consulting Manager

Fort Lauderdale

As Research and Consulting Manager in the South Florida market, I apply my experience in analytics, leadership and international business to monitor the global economy and make projections that help guide our brokers and clients in strategic decision making. My expertise in both leasing and investment sales ranges across multiple asset types including retail, industrial, office and multifamily.  

Prior to joining Colliers, I worked for The Washington Economics Group, Inc., where I led a team of eight economists as Manager of Client Services to prepare detailed economic impact analyses of a number of high-profile transportation and real estate projects in South Florida, including SkyRise Miami and All Aboard Florida. Other notable South Florida clients that I have worked with include Tate Capital, Odebrecht, Miami-Dade Expressway Authority and the International Speedway Corporation. Prior to moving to the United States in 2011, I graduated from law school and was a data analyst for Equity Insurance in Brentwood, UK.

I am active in the commercial real estate community through multiple organizations and committed to strengthening the participation of young leaders in the real estate sector through my current role as Co-Chair of the Urban Land Institute’s Young Leadership Group.

I also have a strong passion for teaching and mentoring students to help prepare them for careers in commercial real estate. I served as an adjunct professor for Miami Dade College School of Business teaching Principles of Management to undergraduate students pursuing their Bachelor’s degree in Business Administration and have recently served as a guest lecturer at Florida International University’s Tibor and Hollo School of Real Estate teaching market research skills to graduate students in the Masters in Science in International Real Estate (MSIRE) program. 

While earning my MBA at St. Thomas University, I served as president of Future Business Leaders of America - Phi Beta Lambda and spoke numerously on business and women career issues. St. Thomas University awarded me with the Outstanding Graduate Award and the Women in Leadership Award in recognition of these efforts.

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