Welcome to the Urban Land Institute Southeast FloridaCaribbean

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Welcome to theUrban Land InstituteSoutheast
Florida/Caribbean
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What is Happening with Office Space in Broward
County?
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TODAYS CAST

• The Landlord
• The Tenant
• Downtown Fort Lauderdale

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The Landlords View
Greg Martin, Cushman Wakefield
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Market Overview 2002

• Vacancy ?
• YTD Absorption ?
• Rental Rates ?
• New Construction ?
• Major Transactions Sun International, Wachovia
  Bank, Union Planters Bank, AIU, Microsoft,
  Citrix, Carnival Cruise Lines

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Credit is King
Show me the Money!
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Creativity
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Competition

• New Buildings
• Sublease Opportunities

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Aggressive Tenant Rep Brokers
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Conclusion

• Looking for solid companies with positive earning
  and stability
• Looking to minimize TI expense exposure for
  less credit worthy tenants
• Looking to secure and stabilize existing Rent
  Roll/ Tenant Roster
• Trying to hold the line on Rental Rates

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The Tenant View
Paul Marko, CB Richard Ellis
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Needs

• Realities of our world
• Analyzing Sub-lease VS Direct
• Location, Location, Location
• Tenant Improvements

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Trends

• Employee benchmarks
• Landlord benchmarks
• Corporate benchmarks

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Technology

• Flexible working hours
• Speed of services
• Reduced space requirements

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Conclusion

• Generally Looking to improve image while
  reducing occupancy cost.
• Looking to decrease occupancy costs while
  improving bottom line balance sheet impact.
• Reject Complexity Kiss
• Lease Audit

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Downtown
Byron Calhoun, Stiles Corporation
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301 Las Olas Blvd
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333 Las Olas Blvd