Figures
Broward Industrial Figures - Q1 2023
April 10, 2023 5 Minute Read
Looking for a PDF of this content?
- The Broward industrial market ended Q1 2023 with net absorption of 287,000 sq. ft., marking the 12th consecutive quarter of positive net absorption.
- Vacancy dropped 30 basis points quarter over quarter, dropping from 3.0% in Q4 to 2.7% in Q1. This is currently the lowest vacancy rate on record for the Broward market.
- The current construction pipeline has roughly 1.3 million sq. ft. of industrial space underway, all of which is speculative construction.
- As market conditions remain tight, asking rental rates increased 5.0% for the quarter, averaging $15.25 per sq. ft., with a 23.0% increase year-over-year.