Fort Lauderdale office market reports

Q3 2024

In the third quarter, the Fort Lauderdale office market experienced stable rental rates, continued tenant demand for smaller spaces, and a slight decline in large block availabilities. While net migration in Broward County has slowed, it remains slightly positive. Office vacancy rates have decreased by 110 basis points from last year, available sublease space has dropped by 8% over the same period.

$40.32 psf

Asking rates

Asking rates have increased by 5% year over year, pushing market rents above $40 per square foot full service.

-12%

Leasing activity

Leasing activity has declined by 12% through the end of the third quarter, totaling 1.6 million square feet (msf), compared to 1.9 msf during the same period last year.

-110 bps

Vacancy rates

Office vacancy rates decreased 110 basis points year over year, reaching 15.8% as of the end of the third quarter.

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