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Regional Summaries

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Fort Lauderdale, FL

Apartment
The Fort Lauderdale apartment market remains tight; the vacancy rate has stayed below 5.0% since early 2012. The rate for the fourth quarter of 2015 was 4.6%, same as a quarter earlier and up 20 basis points for the year. Strong and rising rates of rent growth reflect the market’s overall strength. At $1,292 and $1,246 per month, fourth quarter average asking and effective rates were up fully 5.1% and 5.3% for the year. Respective gains for the latest quarter alone were 1.0% and 1.1%. January 2016 followed with no new additions to supply, 101 units of net absorption, gains of 0.3% and 0.4% for the mean asking and effective rents, and a 40-basis-points decline in the vacancy rate. VIEW APARTMENT LISTINGS >
Industrial
Vacancy in the Fort Lauderdale warehouse/distribution market remains favorable. At 9.5%, the fourth quarter 2015 rate was down 60 basis points for the period and was down 30 for the year. January’s excess of supply over absorption resulted in a 30-basis-points increase. At $6.33 psf and $5.79 psf, fourth quarter average asking and effective rents were up 1.6% and 1.8% for the year. Gains for the fourth quarter alone were the year’s best at 0.6% and 0.7%. Gains of 0.2% followed for both rates in January. VIEW INDUSTRIAL LISTINGS >
Office
With 27.2 million square feet of existing inventory, the Broward County general purpose, multi-tenant office market is notably smaller than the Miami-Dade market, its neighbor to the south. It also is less expensive, less dynamic, and not as tight. Vacancy in Fort Lauderdale remains elevated. At 19.0%, the fourth quarter 2015 rate was down 40 basis points for the period but was unchanged overall since year-end 2014. Rent growth, no stronger than moderate, has increased steadily. At $26.32 psf and $20.71 psf, mean asking and effective rates for the fourth quarter were up 1.8% each for the year. Respective increases for the fourth quarter alone were 0.3% and 0.4%. January followed with 49,000 square feet of net absorption, no new supply, a 20-basis-points drop in vacancy, and increases of one and two cents, respectively, for the mean asking and effective rents. VIEW OFFICE LISTINGS >
Retail
Occupancy in the Fort Lauderdale community-neighborhood shopping center market remains high. Fourth quarter 2015 vacancy was 9.2%, same as a quarter earlier, down 70 basis points for the year. Rent growth has been strong. At $20.38 psf and $17.38 psf, fourth quarter average asking and effective lease rates in this sector were up 2.8% and 3.0% for the year. Gains for the final quarter were 0.3% for both rates. Gains of 0.1% and 0.2% along with no change in the vacancy rate followed in January 2016. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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