Figures

Broward Industrial Figures - Q1 2024

April 9, 2024 5 Minute Read

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  • Broward begins the new year with positive absorption. However, the decrease in construction starts will leave the market with less competition in the long term.
  • After record-high rent growth over the past two years, Broward’s industrial rent increases have slowed but remain on par with the 10-year average of 8%.
    Vacancy presently stands at 3.8%, dropping 80 basis points quarter-over-quarter.
  • A combination of only a few new deliveries and an onslaught of sizeable move-ins is driving the decrease.
  • The industrial development pipeline in the Broward market has been delivering properties at a regular cadence over most of the past decade, but early in 2024, construction starts have declined over the past few quarters to the lowest level since early 2012.