Fort Lauderdale Retail Market Report

Broward County among the U.S. leaders in rent growth. Retailers have gained confidence from Fort Lauderdale’s robust population growth and tourism since the onset of the pandemic. Entering April of this year, the market had recorded nine straight quarters of positive net absorption, with tenants taking more than 3.2 million square feet of space off the market. Local vacancy compressed by 200 basis points during this span to 3.8 percent, just 30 basis points above the metro’s all-time low. The limited amount of high-quality space options over the past year ending in March drove the average asking rent up nearly 12 percent, which tied Miami for the third-highest growth rate among major U.S. markets. Looking ahead, an expected boost in visitors from the recovering cruise and international tourism industries, coupled with slowing development activity, should keep market conditions tight in the near-term.