How did office tenant demand in Fort Lauderdale shift from 2022 to 2023?

In examining office tenant demand between 2022 and 2023, significant trends emerged in specific industries that actively leased office space through the economic slowdown.
In 2022, the leasing landscape was characterized by the banking, finance, insurance & real estate sector, leading all industries with 25% of the total leasing volume. There was also a surge in healthcare-focused companies, accounting for 20% of leasing activity, and in the tech sector, which held a 6% share. However, in 2023, the ongoing economic tightening led to a decline in available jobs, prompting companies to scale back on leasing activities.
In 2023, the tenant demand diversified as different sectors surged and companies implemented return-to-office initiatives. The tech sector had a strong year, accounting for 14% of the leasing activity, up 8% year-over-year, as UKG signed a 97,000-square-foot lease that aided in the increase. The engineering sector also grew its market presence, increasing from 5% to 10% of leasing activity, attributable to Moss & Associates signing its over-119,000-square-foot lease in June 2023.

January 29, 2024

US-FL-FLL Fort Lauderdale