2020 Office Space Rent & Sales
- $33.20 2020 Avg. Asking Rent
- 3.36% Y-o-Y Avg. Asking Rent Change
- 17.73% 2020 Office Vacancy Rate
- $172.5M2020 Total Office Sales
- $186.14Avg. Sale Price/SF
Fort Lauderdale office price per square foot in 2020 was $33.20 on average. This marked a +3.36% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.73% across all asset classes combined. The 8 transactions that closed here throughout 2020 amounted to a total sale volume of $172.5M. Fort Lauderdale office space commanded an average sale price per square foot of $186.14.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Fort Lauderdale Class A Office Space$39.15
- Fort Lauderdale Class B Office Space$22.93
- Fort Lauderdale Class C Office Space$20.03
- Florida Class A Office Space$37.78
- Florida Class B Office Space$23.96
- Florida Class C Office Space$18.38
Fort Lauderdale, FL Office Asking Rents by Class
Average office rent in Fort Lauderdale rested at $33.20 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Fort Lauderdale averaged $39.15 per square foot. Across all submarkets, class B office space recorded an average asking rent of $22.93 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $20.03 per square foot, on average. Comparably, statewide Florida average office rents by class in 2020 were: $37.78 per square foot for class A office space; $23.96 per square foot for class B office space; $18.38 per square foot for class C office space.
2020 Office Vacancy Rates in Fort Lauderdale
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Fort Lauderdale CBD | $45.92 | 18.70% |
Central Fort Lauderdale | $41.09 | 15.79% |
North Fort Lauderdale | $24.56 | 18.11% |
Fort Lauderdale Office Sale Price per SF
- $186.142020 Avg. Price per SF
- -10.03%Y-o-Y Avg. PpSF Change
- $172.5M2020 Office Sales Volume
- 82020 Number of Transactions
Fort Lauderdale, FL Sale Price per SF Trend
- Fort Lauderdale Avg. Sale Price per SF in 2020$186.14
- Florida Avg. Sale Price per SF in 2020$169.99
2020 Office Sales Volume
- Fort Lauderdale, FL Total Office Sales Volume in 2020 $172.5M
- Fort Lauderdale, FL Total Number of Office Sales Closed in 2020 8
Largest Fort Lauderdale Office Sales in 2020
Property name | Address | Date | Price |
---|---|---|---|
BayView Corporate Tower | 6451 North Federal Hwy | 7/9/2020 | $82,500,000 |
Courthouse Place | 12 SE 7th Street | 2/28/2020 | $18,200,000 |
Cypress Executive Center | 1901 West Cypress Creek Road | 12/28/2020 | $17,500,000 |
633 South Federal Hwy | 633 South Federal Hwy | 6/9/2020 | $16,664,210 |
Cypress Creek Professional Building | 2005 West Cypress Creek Road | 1/9/2020 | $7,200,000 |
2020 Office Construction in Fort Lauderdale, FL
- Fort Lauderdale, FL Total SF completed in 2020 352,409
During 2020, 352,409 square feet of new office space were delivered across the market. At the close of 2020, the Fort Lauderdale office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 352,409 square feet of office space.
Office building | Address | SF | Completed |
---|---|---|---|
Flagler Village | 699 North Federal Hwy, 33304 | 26,943 | 2022 |
The Main Las Olas | 201 East Las Olas Blvd, 33301 | 369,517 | 2020 |
Gateway Medical Plaza | 3251 North State Road 7, 33063 | 31,040 | 2020 |
Cypress Creek Medical Pavilion | 2122 West Cypress Creek Road, 33309 | 82,000 | 2018 |
450 North Federal Hwy | 450 North Federal Hwy, 33301 | 34,358 | 2017 |
1 West Las Olas | 1 West Las Olas Blvd, 33301 | 32,249 | 2016 |
500 North Federal Hwy | 500 North Federal Hwy, 33301 | 26,238 | 2016 |
1601 South Andrews Avenue | 1601 South Andrews Avenue, 33315 | 36,958 | 2013 |
2001 South Andrews Avenue | 2001 South Andrews Avenue, 33316 | 29,420 | 2013 |
1122 West Commercial Blvd | 1122 West Commercial Blvd, 33309 | 12,994 | 2012 |
Worth noting among recent office completions on the Fort Lauderdale market is Flagler Village, which is currently the largest new office development in the city, at 26,943 square feet.
See reports for nearby markets
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Fort Lauderdale commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.