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Market Report

Fort Lauderdale Industrial Market Report

Midyear 2023

Port Upgrades and Lessened Risk of Overbuilding
Brighten the Metro’s Long-Term Outlook

Regional growth stokes space demand. Although net absorption during the first three months of this year fell to the lowest level since 2020, vacancy still declined quarter-over-quarter to 4 percent, which is 240 basis points below the long-term mean. Access to the rapidly-growing Southeast Florida region and proximity to Port Everglades, the Port of Miami and Miami International Airport has driven strong demand for industrial space across the metro. Leasing activity has been most robust in Southeast Broward in recent quarters, as the submarket accounted for nearly half of all net absorption recorded metrowide during the past year ending in March. Fort Lauderdale also faces minimal supply pressure, which, together with solid demand, will allow vacancy to decrease further throughout this year. Looking farther out, land constraints lessen the risk of local overbuilding, keeping fundamentals tight longer term. 

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