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Broward Industrial Figures - Q3 2023
October 10, 2023 5 Minute Read
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- Under construction pipeline continued to remain steady, with 1.2 million sq. ft. in progress. Some notable projects include Osprey Logistics Park and Prologis Seneca Commerce Center.
- Vacancy grew to 2.8% but still sits well below the long-term historic average. As new premium quality industrial space is delivered over the next few quarters, vacancy and rents are expected to experience some further upward pressure in the near term.
- The overall asking rate grew at a slight pace during the third quarter of 2023 to $15.45 NNN. Asking rates in Broward’s industrial market have increased by 22% since last year.