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

graph of full service average asking rates per square foot in trophy, class A and class B office buildings in Fort Lauderdale from 2019 to 2024
  • 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.

Get market intel

US-FL-FLL Fort Lauderdale