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Broward Industrial Figures - Q2 2023

July 17, 2023 5 Minute Read

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  • Broward’s industrial tenant demand resulted in positive absorption in the second quarter of 2023. This is the 13thconsecutive quarter of positive net absorption.
  • The construction pipeline is still strong with 1.3 million sq. ft. in the works. Only 200,000 sq. ft. broke ground this year and it was a built-to-suit.
  • The market’s direct vacancy sits at 2.6%, down 10 basis points from the previous quarter of 2.7% and down 30 basis points from 2.9% one year ago.
  • With over 1.3 million sq. ft. of industrial space currently in development and close to 1.0 million sq. ft. in net absorption year-to-date. The market remains a hub for warehouse and distribution space, posting consistent gains in absorption every quarter despite word of a potential slowdown in leasing and inflation.
  • Leasing activity remains healthy, although, it has been made up of smaller deals. The second-quarter net absorption came in at 404,703 sq. ft. and was comparable to quarterly totals registered at the height of the pandemic during 2021. The overall outlook remains positive for the Broward market.