Fort Lauderdale industrial real estate market reports

Q3 2022

Leasing activity was up 13% in the third quarter and Fort Lauderdale managed more than 300,000 square feet (sf) of positive absorption, despite Amazon unleashing more than 900,000 sf of sublease space onto the industrial market, demonstrating the market’s resilience and continued popularity. The plug-and-play, high-quality nature of the new sublease availabilities will draw even more logistics-focused tenants to the market and the lease-up of these spaces will likely contribute to increased rates and positive absorption in the next few quarters.

859,067 sf

Under construction

There is more than 850,000 sf of industrial space under construction across Broward County, with most of the space expected to come online this year and more than a third of it in Northeast Broward.

1.2 msf

Absorption

Year-to-date absorption climbed more than 300,000 sf during the third quarter to 1.2 msf, despite increased sublease availability.

$13.85 psf

Direct asking rent

After several consecutive quarters of rapid price hikes, rent growth moderated in the third quarter to 6.3%, bringing the average price per square foot up to $13.85. Despite the slowdown, rates are still up 35.9% year-over-year. 

1.4 msf

Availabilities

Sublease availability in Fort Lauderdale leapt to 1.4 million square feet (msf) in the third quarter after Amazon made more than 900,000 sf of warehouse and distribution space available for sublease.

4.7%

Vacancy

Vacancy in the market grew by two-tenths of a percentage point to 4.7% in the third quarter, with sublease availability reaching 1.4%, the highest on record, after the addition of the Amazon spaces.

13%

Leasing availability

Leasing activity increased by 13% in the third quarter, demonstrating continued interest in the Fort Lauderdale market despite a broader economic slowdown.

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