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Market Report

Fort Lauderdale Office Market Report

2024 Investment Forecast

Prime Employment Hubs Sustain Leasing Velocity,
Prompting Improved Investment Activity

Core areas headline Fort Lauderdale office demand. The creation of roughly 10,000 jobs in traditionally office-using fields this year leads all major Florida metros, and underscores the local impact of company expansions and relocations. Spirit Airline’s move to its new headquarters near the airport is a leading example of leasing activity in 2024, increasing its overall footprint by 120,000 square feet. A number of sizable move-ins are also planned in Downtown Fort Lauderdale, helping sustain strong local office operations. Entering 2024, vacancy here compressed in each of the prior three years, allowing the rate to approach its historical average. In the southern part of the metro, dynamics in Hollywood are noteworthy. Home to the metro’s lowest vacancy rate, below 10 percent, tight conditions partially restrict the number of anticipated move-ins. As such, local rent growth will likely exceed the market average again this year.
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