Thursday’s Office market Quick-Take Stats on the Sawgrass Park Office Market by Blue Box Real Estate.

The Sawgrass Park office market, located in the Western front of Broward near Sawgrass Mills Mall, is known for its large corporate users. While Class A rents have remained the same since the start of the year, vacancies dipped by 3% to the single digit mark of 8.33%. Class B rental rates spiked 7% since the start of the year to the current $26.60 per square foot.

No new supply has been added in recent times, with the exception of American Express’ corporate headquarter consolidation totaling 400,000 SF in 2017. However, look to 1700 Metropica, currently under construction to deliver up to 550,000 square feet of office space as a part of the mixed use project.

The capital markets front experienced an active 2018 with the sale of Sawgrass Lake Center for $57.4 million and the 232,623 SF Sawgrass Pointe I which sold for $51.1 million.