Figures
Broward Industrial Figures - Q4 2023
January 9, 2024 5 Minute Read
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- Construction activity has slowed in the last few quarters, with only around 360,000 sq. ft. underway as of Q1 2024. This is down from a peak in construction activity seen in the first half of 2020 when there was over 3.1 million sq. ft. underway.
- Limited supply additions have resulted in a softer vacancy expansion relative to the national average, rising 20 basis points relative to a 110 basis points rise in the national industrial vacancy rate since last year.
- Market rents exceed $15.65 per sq. ft., ranking among the highest in all Florida markets. Broward rents have surged 55% since 2019, surpassing the U.S. average rent gain of 35%, with Class A assets predominantly fueling this rent growth.