Fort Lauderdale industrial real estate market reports

Q1 2022

Fort Lauderdale is positioned for another strong year in 2022 with declining vacancy, rapidly rising industrial rates, and strong leasing activity. Market fundamentals have improved over the last few quarters as demand begins to catch up with supply.

1.7 msf

Under construction

At the close of the first quarter of 2022, nearly 1.7 million square feet (msf) of industrial space remained under construction in Fort Lauderdale of which 51% is expected to deliver during the second quarter of the year.

250k sf

Net absorption

Net absorption remained in positive territory at the start of the year with over 250,000 square feet (sf) absorbed into the market. Leasing activity has been brisk, and a handful of large move-ins scheduled in 2022 are expected to boost absorption figures in the quarters to come.

$11.58 NNN

Direct asking rent

Industrial asking rents continue to increase across South Florida with Fort Lauderdale’s industrial asking rate, excluding flex, rising to $11.58 NNN per square foot (psf)—up 18% year-over-year.

6 msf

Availabilities

Total available space continues to dwindle amid increased demand, with total availability shrinking to 6 msf in Fort Lauderdale.

4.7%

Vacancy

Overall vacancy declined to 4.7% in the first quarter—down a whopping 400 basis points from the 8.7% vacancy recorded during the first quarter of 2021. Vacancy has been on a steady decline for the last several quarters after an influx of new industrial product delivered to the market over the last two years.

$194 psf

Investment sales

Industrial investment continues to increase throughout South Florida and the average price psf has risen to $194 in Fort Lauderdale. Alongside pricing, Construction costs and demand have increased, while the supply of land diminishes.

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