Fort Lauderdale Industrial Market Report

Lower-cost submarket highlights metro performance. A net of 4.3 million square feet was taken off the market during the 12-month period ending in March, strongly exceeding the trailing half-decade average of 1.5 million. Southwest Broward accounted for 1.3 million square feet of net absorption during the recently-ended span, with tenants drawn to the submarket's below-average rents and proximity to Miami-Dade County. Multiple distributors and logistics firms, including Tire Rack, ShipMonk and Ryder Logistics, have inked 100,000-plus-square-foot leases here with 2022 move-in dates. Asking rents in this submarket have grown at a 9.8 percent clip over the yearlong span ended in March. The area retains the second-lowest average marketed rent in the metro, which should help draw cost-conscious tenants to the area over the near term.