Fort Lauderdale industrial real estate market reports
Q3 2023
At the end of August, Fort Lauderdale's unemployment rate stood at 3.1%, remaining lower than the national unemployment rate of 3.8%. The trade, transportation, and utilities sector experienced a 2.5% year-over-year growth, while construction occupations declined by 2.8%. Notable trends of the third quarter comprised a persistent surge in asking rates, an uptick in leasing velocity, and nearly 1 million square feet of new inventory on the horizon.
Asking rental rates
Robust tenant demand remained a driving force in the third quarter, pushing asking rates up by 19.7% year over year and reducing vacancy to 3.3%.
Leasing activity
Leasing activity surged for the third-straight quarter, increasing by 65.6% from the second quarter to reach 1.9 million square feet.
Under construction
At the end of the third quarter, there was 991,753 square feet of industrial product under construction.
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