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Fort Lauderdale Office Rent Price & Sales Report

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%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Fort Lauderdale market was 17.73% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Fort Lauderdale was 15.79% in the Central Fort Lauderdale submarket, while the highest office vacancy in the market was 18.70%, recorded in Fort Lauderdale CBD.

Office Spaces for Rent in Florida

  • Miami Office Space
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  • Orlando Office Space
  • West Palm Beach Office Space
  • Boca Raton Office Space
  • Tallahassee Office Space
  • St. Petersburg Office Space
  • Sarasota Office Space
  • Fort Myers Office Space

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
Fort Lauderdale office space cost in 2020 marked a -10.03% change compared to the previous year. The sale price for office space in Fort Lauderdale averaged $186.14 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $169.99 per square foot.

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
A total of 8 deals closed on the Fort Lauderdale office market in 2020, adding up to a yearly sales volume of $172.5M. Notably, the largest transaction on the market saw BayView Corporate Tower change hands for $82,500,000 on 7/9/2020.

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
Data provided by Commercial Edge

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.

Largest Office Properties Recently Completed in Fort Lauderdale
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.

Data provided by Commercial Edge

See reports for nearby markets

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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.

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