Fort Lauderdale Office Market Report (Q1 2021)13 Apr 2021
Total vacancy in Fort Lauderdale’s office market has risen by 100 basis points (bps) since the end of 2020 to 17.3%, with sublease space growing slightly by 20 bps over the same trailing 90-day period to an 11-yr high of 1.2%. The greatest concentration of sublease space remains in Sawgrass Park, where it has reached 3.4%. Leasing activity during the first quarter in Fort Lauderdale was a bit slow, accounting for just over 310,000 square feet (sf), however that was tempered by the -346,360 sf of recorded net absorption. Asking rents have grown by a moderate 1.3% over the last quarter to a current $35.18 per sf although deal terms have led to a slight deceleration in overall effective rents. Investors continue to gain confidence and sales activity is beginning to rebound, with the most notable sale of the quarter involving the $44.2 million acquisition of Cypress Financial Center by Vision Properties.