Fort Lauderdale Office Market Report

Relocations aid vacancy compression across submarkets. Companies looking to relocate to Southeast Florida have begun to increasingly consider Fort Lauderdale for its regionally low average asking rent and business-friendly tax environment. All 11 of Fort Lauderdale's submarkets with inventories over 1 million square feet reported year-over-year vacancy declines in June, resulting in five consecutive quarters of positive net absorption since 2021. Consequently, overall vacancy declined by 230 basis points year-over-year to reach 13.9 percent in the second quarter. Several companies have confirmed their intentions to relocate to the Fort Lauderdale metro this year, such as El Al Israel Airlines Ltd., which announced in May it would relocate its U.S. headquarters to Broward County.