Fort Lauderdale Office Market Trends

Office Rental Market

  • $32.13 2019 Avg. Asking Rent
  • 11.45 % 2019 Avg. Vacancy Rate
  • 290,532 2019 Office Completions (Sqft)
  • 352,409 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Fort Lauderdale was $32.13 per square foot, and the office vacancy rate across the market averaged 11.45 %. During 2019, developers added 290,532 square feet of new office space to the Fort Lauderdale market inventory. Office developments estimated for delivery during 2020 total 352,409 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Fort Lauderdale Class A Office Buildings$38.41
  • Fort Lauderdale Class B Office Buildings$22.52
  • Fort Lauderdale Class C Office Buildings$19.17
  • FL Class A Office Buildings$37.07
  • FL Class B Office Buildings$23.53
  • FL Class C Office Buildings$18.02

Fort Lauderdale, FL Office Asking Rents by Class

Office asking rents vary across the Fort Lauderdale office market depending on several factors, one of which is property class. While rents for Class A office buildings in Fort Lauderdale averaged $38.41 per square foot in 2019, Class B office properties garnered average rental rates of $22.52 per square foot. Rental rates for Class C office property in Fort Lauderdale averaged $19.17 per square foot. On a statewide level, Class B office space rents averaged $23.53 per square foot, while rents for Class A office space across Florida averaged $37.07 per square foot. On average, Class C office properties in Florida commanded rents of $18.02 per square foot.

2019 OFFICE VACANCY RATES

Submarket Asking Rents Vacancy Rates
Fort Lauderdale CBD $43.19 11.54 %
Central Fort Lauderdale $41.55 7.14 %
North Fort Lauderdale $23.48 9.69 %
Data provided by Commercial Edge
  • The lowest office vacancy rate in 2019 in Fort Lauderdale was 7.14 % in the Central Fort Lauderdale submarket, where asking rents averaged $41.55.
  • The highest office vacancy rate in 2019 in Fort Lauderdale was 11.54 % in the Fort Lauderdale CBD submarket, where asking rents averaged $43.19.

OFFICE CONSTRUCTION IN Fort Lauderdale, FL

  • Fort Lauderdale, FL Total Sqft completed in 2019 290,532
  • Fort Lauderdale, FL Total Sqft under construction in 2020 352,409
10 Largest Office Buildings in Fort Lauderdale
Building name Address Total Sqft Year built
4725 N Federal Hwy 4725 N Federal Hwy, 33308 2,159,048 1968
200 East Broward Blvd 200 East Broward Blvd, 33301 894,506 1991
Bayview Corporate Tower 6451 N Federal Highway, 33308 413,426 1978
Bank of America Plaza at Las Olas City Centre 401 East Las Olas Blvd, 33301 404,895 2002
110 Tower 110 SE 6th Street, 33301 391,473 1987
The Main Las Olas 201 East Las Olas Blvd, 33301 369,517 2020
Crown Center - 1401-1475 West Cypress Creek Road 1475 West Cypress Creek Road, 33304 368,600 1982
1475 West Cypress Creek Road 1475 West Cypress Creek Road, 33304 368,600 1982
1 East Broward Blvd 1 East Broward Blvd, 33301 350,743 1985
Corporate Center 110 E Broward Blvd, 33301 342,906 1982
Largest Office Properties Recently Completed in Fort Lauderdale
Office building Address Sqft Completed
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
The 550 Building 550 South Andrews Avenue, 33301 108,532 2019
Cypress Creek Medical Pavilion 2122 West Cypress Creek Road, 33309 82,000 2018
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
Imperial Point Medical Center - 6333 North Federal Hwy 6333 North Federal Hwy, 33308 68,117 2009
Courthouse Place 12 SE 7th Street, 33316 64,499 2008
Data provided by Commercial Edge

Office Spaces for Rent in Florida

FORT LAUDERDALE OFFICE SALES TRENDS

  • $208.482019 Avg. Price per Sqft
  • 16.97 %Y-o-Y Avg. PpSF Change
  • $287M2019 Office Sales Volume
  • 152019 Number of Transactions

In 2019, office sales in Fort Lauderdale averaged $208.48 per square foot. This marked a 16.97 % increase in office price per square foot, compared to the previous year. A total of 15 office sales closed on the Fort Lauderdale office market in 2019, amounting to a total sales volume of $287M.

Average Office Sale Price per Sqft

Fort Lauderdale, FL Sales Trends

  • Fort Lauderdale Price per Sqft$208.48
  • Florida Price per Sqft$190.50

Office Sales - Trend and Volume

  • Fort Lauderdale, FL Total Office Sales Volume in 2019 $287M
  • Fort Lauderdale, FL Total Number of Office Sales Closed in 2019 15

Largest Fort Lauderdale Office Sales in 2019

Property name Address Date Price
One Financial Plaza 100 SE 3rd Avenue 10/2/2019 $81,900,000
Trade Centre South 100 West Cypress Creek Road 2/22/2019 $41,675,000
Radice Corporate Center III 1000 Corporate Drive 5/30/2019 $24,165,000
Cypress Creek Concourse - 6301 Kaplan University Avenue 6301 Kaplan University Avenue 7/5/2019 $18,269,630
Cypress Creek Concourse - 1515 West Cypress Creek Road 1515 West Cypress Creek Road 7/5/2019 $18,230,370
Data provided by Commercial Edge

See trends for nearby markets

The Fort Lauderdale office market contains an inventory of 16,646,010 square feet of office space, in 264 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.