Fort Lauderdale industrial real estate market reports
Industrial fundamentals remain strong in Fort Lauderdale and the third quarter proved to be one of the strongest on record for the market with leasing activity currently outpacing activity from 2020 and net absorption reaching a record high due to several large-scale move-ins by Amazon.
South Florida’s economy continued to rebound during the third quarter with the unemployment rate declining to 5.6% as of August 2021, an 810-basis point drop from the high of 13.7% in May 2020.
According to recently released 2Q21 data from the Bureau of Economic Analysis, Florida’s GDP grew by 6.7% over the quarter, which is on par with the average for the U.S.
Year-to-date leasing activity is up significantly by 7.5% from total leasing activity during 2020. Much of demand has been driven by e-commerce, wholesale, and biotech/life sciences tenants.
Overall vacancy has declined to 6.3%, a 140-basis point decrease from year-end 2020. Record construction deliveries from 2018 through 2020 inflated vacancies for the last couple of years but demand is beginning to outpace supply and vacancies are contracting.
Asking rents have increased by 8.5% since year-end 2019 to $10.19 per sf, an all-time high for the market. Asking rates have been rising steadily in Fort Lauderdale since 2012. The submarkets with the strongest year-over-year rent growth included Northwest Broward, Pompano Beach, and Northeast Broward.
Fort Lauderdale year-to-date industrial investment activity totaled $0.4B, up 26.8% from total volume during 2020. Institutional investors remain attracted to Fort Lauderdale for its healthy market fundamentals and growing population base.
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