The Firm’s New South Florida Agency Leasing Team Led by Travis Herring and Deanna Lobinsky Looks to Capitalize on Improving Broward Office Market
DEERFIELD BEACH, – Cushman & Wakefield announced today that Fairlead Commercial Real Estate has selected the firm as exclusive leasing agent for 800 Fairway Drive, a 172,508-square-foot, Class A office building.
The leasing team of Executive Director Travis Herring, Executive Director Deanna Lobinsky, Director Katherine Ridgway and Associate Chase Kulp will represent building owner Fairlead Commercial Real Estate, which purchased the building in November 2015.
800 Fairway Drive is a four-story office building constructed in 1987 in Deerfield Beach’s Hillsboro Executive Center. The lushly landscaped property offers an efficient, multi-tenant design centered around a four-story atrium lobby. The building features ample surface and covered parking, an on-site café, a fitness trail and a new fitness center with lockers and showers. Fairlead plans to make further interior and exterior renovations in the near future.
The property’s location at 800 Fairway Drive is a convenient commute for much of South Florida’s employment base and is proximate to a wide variety of local workforce support services. The building’s position on Interstate 95 provides excellent visibility and immediate access via Hillsboro Boulevard and is less than two miles west of US Highway 1.
“800 Fairway Drive’s central location in the tri-county area makes this an ideal destination for companies looking to draw on South Florida’s dynamic workforce,”
said Herring. “Three-quarters of the region’s population lives within a one-hour drive of the building, and some of the nation’s most affluent communities are nearby.”
Cushman & Wakefield research has documented strong fundamentals across the board for the Broward County office market and foresees continued growth in the near term.
“Broward County’s office market approached an eight-year vacancy rate low of 11.7 percent,” wrote Senior Research Analyst Valerie Tatum in the firm’s 4Q 2015 Broward County Office MarketBeat Snapshot. “New supply remained unchanged, and strong positive absorption signaled the fourth consecutive year of healthy demand.”
“Leasing activity totaled 1.4 million square feet year-to-date, as many tenants expanded their space or moved into the market,” added Tatum. “Class A space experienced a significant decrease in vacancy to 8.2 percent from 12.6 percent over the last 12 months. The office market in Broward County is in position to have above average performance in 2016 on tightening market conditions and positive economic trends.”
“Construction will likely pick up as tenant demand strengthens and the lack of space options in the market increase,” concluded Tatum.
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