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Market Report

Fort Lauderdale Industrial Market Report

2024 Investment Forecast

Tenant Demand Expected to Pick Up Following a
Slight Slowdown, Motivating Investment

Broward County stands out nationally for impressive rent gains. By the end of 2024, the average asking rent in Fort Lauderdale is expected to be 80 percent — or more than $8 per square foot — higher than its 2019 year-end equivalent. This is one of the top five fastest paces of growth among major U.S. markets. Proximity to Port Everglades, the Port of Miami and Miami International Airport has driven strong industrial demand since 2020. However, company resilience to rising costs began to show signs of wavering at the end of 2023, with the second half of the year posting negative net absorption. Some of this softness may continue into 2024 as companies evaluate space needs, pushing up vacancy near-term, but little available undeveloped land in Fort Lauderdale will stave off long-term supply pressure. The new space that does come online is generally sought after, illustrated by Informa moving into a recently completed 200,000-square- foot facility near Port Everglades this year.

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