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Market Report

Fort Lauderdale Office Market Report

2019 Outlook

Lower-Tier Properties Offering Broward County Investors Upside Potential as Conditions Tighten

 

The office market in Broward County anticipated to improve in 2019 as local firms expand. A limited introduction of new supply will shuffle most of the new demand for office space into existing properties in the county this year. Office stock is expected to inch up just 0.7 percent this year as developers remained focused on alternative markets and property classes. Only two major projects scheduled for completion this year lack significant pre-leasing. The Edison, in southwest Broward, secured commitment for roughly half of its space in the fourth quarter. The 550 Building in downtown, meanwhile, still remains highly vacant. Beyond these two projects, most new space will immediately add to positive net absorption. Other space demand is coming from the technology industry and the long-time bellwether healthcare sector. ShipMonk and Tambourine are expanding and hiring in the metro, while Aetna, Cigna and Vitas Healthcare are all expanding their footprints. Overall, declining vacancy will enable attractive rent growth in the metro.

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