Broward Real Estate Market Report

Broward Office Market

Annual full-service asking rental rates increased slightly by 1.1% quarter over quarter to a new all-time-high of $38.14/SF. Vacancy rose by 10 basis points quarter over quarter to 15.1% as demand softened and supply remained stagnant. There is one 174,790-SF project currently under construction, the T3FAT Village East developed by Hines, which is 21.5% pre-leased and slated for a 2026 delivery. Apart from the project currently underway, there have been no other new construction starts over the past year. Total leasing activity for the second quarter was 666,816 SF, reflecting a 12.4% decrease from the previous quarter. The average lease size rose by 235 SF to 3,004 SF, though this remains below the pre-pandemic average of 3,632 SF from 2008 to 2019.

Broward Industrial Market

The market recorded 227,101 SF of positive absorption in the second quarter of 2025, supported by notable move-ins from Pharmacy Hub and Parts Authority, bringing total demand in the first half of 2025 pushed up to 305,157 SF. With no deliveries reported in the second quarter of 2025, demand outpaced supply, leading to a 20-basis-point decline in the vacancy rate to 4.2%. Overall asking rental rates in the second quarter of 2025 marginally decreased by 0.2% to $14.84/SF, remaining just 0.8% below the all-time high of $14.96/SF. In the second quarter of 2025, the under-construction pipeline continued to grow, reaching 1.5 MSF. Projects are currently 12.0% preleased.