Commercial Real Estate Market Outlook
Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.
Fort Lauderdale Office Market Report (Q1 2021)13 Apr 2021
Total vacancy in Fort Lauderdale’s office market has risen by 100 basis points (bps) since the end of 2020 to 17.3%, with sublease space growing slightly by 20 bps over the same trailing 90-day period to an 11-yr high of 1.2%. The greatest concentration of sublease space remains in Sawgrass Park, where it has reached 3.4%. Leasing activity during the first quarter in Fort Lauderdale was a bit slow, accounting for just over 310,000 square feet (sf), however that was tempered by the -346,360 sf of recorded net absorption. Asking rents have grown by a moderate 1.3% over the last quarter to a current $35.18 per sf although deal terms have led to a slight deceleration in overall effective rents. Investors continue to gain confidence and sales activity is beginning to rebound, with the most notable sale of the quarter involving the $44.2 million acquisition of Cypress Financial Center by Vision Properties.