Broward Office Market
Annual full-service asking rental rates increased slightly by 0.9% quarter over quarter to a new all-time-high of $38.56/SF. Vacancy dipped by 10 basis points quarter over quarter to 14.8% as demand strengthened and supply remained stagnant. There is one 174,790-SF project currently under construction, the office portion of T3 FAT Village East developed by Hines is slated to top-off in the Fall and the building is expected to deliver by end of 2025. Total leasing activity for the third quarter was 750,790 SF, reflecting a 6.0% increase from the previous quarter. The average lease size rose by 51 SF to 3,052 SF during the same time-period.
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.
Download Broward Industrial Market Report 2Q25