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E-Commerce Marketing Company Signs Largest Office Lease in a Year in Fort Lauderdale's Cypress Creek Submarket

Tambourine Will More Than Triple its Space in Expansion
August 8, 2018
The Cypress Creek office market in northern Fort Lauderdale, FL snagged its largest lease in a year as e-commerce marketing company Tambourine signed on for 25,000 square feet at Trade Centre South.

Tambourine will more than triple its space when it moves into the 225,000-square-foot building at 100 W. Cypress Creek Rd. in January, said Sal Bonsignore of Colliers International South Florida, which represented the tenant.

The company has 100 existing employees and plans to hire 60 more in the next year, Bonsignore added. Tambourine’s existing offices are at 2941 W. Cypress Creek Rd.

“They wanted to remain in the Cypress Creek market,” Bonsignore said. “They were looking for a vibrant type of space to create a modern atmosphere for their team.”

In addition to building signage, the deal gives Tambourine exclusive use of part of a fifth floor patio. Fort Lauderdale is the company’s headquarters, though it has additional locations in Carlsbad, CA; Manhattan; and Bogata, Columbia.

Cypress Creek’s largest lease in the past 12 months was Express Labs’ deal for 13,000 square feet at Lakeside Plaza in October, according to CoStar Market Analytics.

Cypress Creek has nearly 8 million square feet of office inventory and a second-quarter vacancy rate of 12.7 percent, up from 11.8 percent a year earlier, CoStar data shows. Broward County’s overall office vacancy rate in the second quarter was 8.9 percent.

Despite a dearth of office construction, vacancies have escalated in Cypress Creek because the market is surrounded by a lower-income area, and the buildings lack the amenities of newer business parks, CoStar research writes in its mid-year submarket report.

“Cypress Creek has always been one of those tricky markets,” said Brady Titcomb, a broker with Jones Lang LaSalle in South Florida.

Still, Cypress Creek is a good alternative to downtown, Titcomb noted.

Gross asking rents of $26 per square foot are among the cheapest in Broward County, and Cypress Creek is well-located for companies that want to accommodate employees living in Miami-Dade and Palm Beach counties, brokers say.

Aside from rent savings, tenants typically don’t have to pay for parking in Cypress Creek, creating even more value, according to Bonsignore. He and other brokers say the market may start to garner more attention from tenants frustrated by rising rents in downtown Fort Lauderdale and other areas.

“If you don’t need downtown Fort Lauderdale space, Cypress Creek is a good, viable option,” he said.

Paul Owers, South Florida Market Reporter  CoStar Group   
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