Fort Lauderdale office market reports
Q4 2021
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Fort Lauderdale’s office market is on the road to recovery after feeling the effects from the pandemic during 2021. Although Fort Lauderdale has not experience the magnitude of new-to-market relocations that Miami and West Palm Beach have seen, leasing activity has surged near the end of the year and sublease space is on a downward trend.
Economic conditions
South Florida’s economy showed continued resiliency with the unemployment rate declining to 5.6% as of July 2021, a substantial drop from 13.7% in May 2020.
Recovery rate
Florida’s GDP has grown by 7.0% as of the most recently released data from the U.S. Bureau of Economic Analysis, placing it among the top 10 states in the U.S. with the strongest GDP growth.
Office demand
While short-term lease renewals have been quite common in the post-COVID leasing environment, average lease terms have started to gain positive momentum, averaging 59 months as of September 2021.
Office supply
Fort Lauderdale’s overall vacancy remains at its highest point since 2013 at 18.1%.
Pricing trends
Base rents have increased by an impressive 12.2% since year-end 2019, much of which can be attributable to new class A office deliveries in 2020 and 2021 that had minimal pre-leasing.
Capital markets
Office investment activity has been steady with total transaction volume of $747.2M for January 2020 through year-to-date 2021.
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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