Fort Lauderdale Industrial Real Estate Market Reports | Avison Young US - Fort Lauderdale

Fort Lauderdale industrial real estate market reports

Q4 2022

Fort Lauderdale’s industrial market experienced steady growth during 2022 with yet another year of strong positive net absorption and significant rent growth. Vacancy has continued to decline despite constant industrial deliveries; however, construction activity began to slow at the end of 2022.

1.7 msf

Deliveries

Just over 1.7 million square feet (msf) of industrial space delivered in Fort Lauderdale during 2022, down 19.2% from total deliveries in 2021. Development activity has started to slow down amid rising construction prices.

+1.8 msf

Net absorption

Net absorption remained positive at the end of 2022, with over 1.8 msf of annual net absorption. Although down significantly from a record year for absorption in 2021, 2022’s total absorption still outpaced both 2020 and 2019.

$14.69 psf

Direct asking rent

Fort Lauderdale’s average asking rate grew to $14.69 per square foot (psf) (NNN) in the fourth quarter of 2022, up by a substantial 35% year-over-year.

-10.8%

Direct availability

Direct availability decreased by 10.8% year-over-year despite 1.7 msf of new industrial deliveries.

4.6%

Vacancy

Total vacancy declined by 30 basis points year-over-year to 4.6%, the lowest vacancy recorded since 2018.

$200 psf

Investment sales

While total investment sales volume rounded out the year with $928.9 million in sales—lagging 2021’s sales volume by 25.3%—industrial asset pricing increased by 22.8% to $200 psf.

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