Fort Lauderdale office market reports
Fort Lauderdale’s office market has been on a path to steady recovery in the first quarter of 2022 with positive net absorption, declining vacancies, and robust leasing activity. While rent growth has not reached the levels of Miami and West Palm Beach, Fort Lauderdale will likely benefit from local migrations as it could be considered a more affordable alternative for companies.
Fort Lauderdale’s development pipeline remains limited, allowing market fundamentals to tighten and for demand to catch up with supply.
After experiencing some sharp declines in 2020 and 2021, net absorption has recovered well and has been on a steady upward trend since mid-2021 due to positive leasing momentum.
Direct asking rent
Landlords have continued to push rates in Fort Lauderdale; however, rent growth has not reached the levels seen in Miami and West Palm Beach. During the first quarter of 2022, the overall rental rate in Fort Lauderdale grew to $37.21.
As Fort Lauderdale’s office leasing began to pick up in the first quarter of the year, total availability declined by 7.7% since year-end 2021.
As market fundamentals began to strengthen in Fort Lauderdale, office vacancy declined to 17.8% during the first quarter from 18.3% at year-end 2021.
Investment sales were off to a strong start in Fort Lauderdale with over $205 million in office investment sales transactions for the first quarter of the year. Office asset pricing held steady at $220 per square feet.
Your source for the latest Fort Lauderdale office market reports
Get in-depth office market reports from commercial real estate experts in the Greater Fort Lauderdale area. Avison Young advisors look at Fort Lauderdale commercial real estate activities and the latest Fort Lauderdale statistics to provide you expert market research on Fort Lauderdale's office properties.
Explore different topics like the latest office market pricing trends and analysis of Fort Lauderdale's current office real estate market conditions. Gain a better understanding of Fort Lauderdale’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Fort Lauderdale's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Fort Lauderdale.
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