As the geographic center of the Wall Street of the South, the Fort Lauderdale office market is benefiting from South Florida’s emergence as a preferred destination for corporate investment.
The narrative over the last few years has been that there has been a flight to quality, with companies now preferring shorter-term leases and smaller spaces in newer buildings.
While this is the consensus among office brokers, we wanted to dive deeper into how this trend is impacting both newer and well-established office buildings in South Florida’s three largest urban centers: Fort Lauderdale, Miami, and West Palm Beach.
Fort Lauderdale’s vacancy rate is lower than Downtown Miami’s for all office products built since 1990.
Downtown Fort Lauderdale saw a 14.7% year-over-year increase in office rent growth, while West Palm Beach led the region with an 18.7% jump. In contrast, Miami’s office market remained relatively flat, with only a 1.1% increase, due in part to a higher volume of available inventory.
The regional office market remains strong given these trends. With Hines and Urban Street Development’s T3 FAT Village currently under construction, major renovations planned by new owner Bradford Allen at 350 and 450 Las Olas Centre, and new ownership in place at Bank of America Plaza at Las Olas City Centre, the future is bright for Downtown Fort Lauderdale’s office market.
Source: Colliers International, Q1 2025 data / Fort Lauderdale Downtown Development Authority
