How did office tenant demand in Fort Lauderdale shift from 2022 to 2023?

graph of office tenant demand in Fort Lauderdale by industry from 2022 to 2023
  • In examining office tenant demand between 2022 and 2023, significant trends emerged in specific industries that actively leased office space through the economic slowdown.
  • In 2022, the leasing landscape was characterized by the banking, finance, insurance & real estate sector, leading all industries with 25% of the total leasing volume. There was also a surge in healthcare-focused companies, accounting for 20% of leasing activity, and in the tech sector, which held a 6% share. However, in 2023, the ongoing economic tightening led to a decline in available jobs, prompting companies to scale back on leasing activities.  
  • In 2023, the tenant demand diversified as different sectors surged and companies implemented return-to-office initiatives. The tech sector had a strong year, accounting for 14% of the leasing activity, up 8% year-over-year, as UKG signed a 97,000-square-foot lease that aided in the increase. The engineering sector also grew its market presence, increasing from 5% to 10% of leasing activity, attributable to Moss & Associates signing its over-119,000-square-foot lease in June 2023.

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US-FL-FLL Fort Lauderdale