Flight to quality continues to drive asking rent growth in Fort Lauderdale’s office market

Fort Lauderdale’s office market has experienced robust rent growth over the past five years, reaching an average of $38.91 per square foot in the first quarter of 2024, a 20.1% increase since 2019.
Trophy properties have steadily witnessed the largest increase in asking rents, climbing 26.8% in five years and reaching nearly $69 per square foot on average. This is the result of tenant demand continuing for top-quality buildings with high-end amenities as companies downsize their footprints and incentivize employees to return to the office.
Asking rates for class A properties have started to stabilize, increasing only marginally over the past year. Tenant demand for class A space reached 1.9 million square feet in 2023, earning second place for largest annual leasing volume on record. As trophy availability is limited and expensive, class A space is proving to be a cost-effective option for companies looking to improve their quality of space.

March 14, 2024

US-FL-FLL Fort Lauderdale