Fort Lauderdale Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $32.61 2023 Avg. Asking Rent
  • 17.03% 2023 Office Vacancy Rate
  • $104.9M2023 Total Office Sales
  • $170.89Avg. Sale Price/SF

Fort Lauderdale office price per square foot in 2023 was $32.61 on average. The local office market recorded an average vacancy rate of 17.03% across all asset classes combined. The 14 transactions that closed here throughout 2023 amounted to a total sale volume of $104.9M. Fort Lauderdale office space commanded an average sale price per square foot of $170.89.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Fort Lauderdale Class A & A+ Office Space$37.84
  • Fort Lauderdale Class B Office Space$24.51
  • Fort Lauderdale Class C Office Space$21.47
  • Florida Class A & A+ Office Space$36.87
  • Florida Class B Office Space$27.52
  • Florida Class C Office Space$32.32

Fort Lauderdale, FL Office Asking Rents by Class

Average office rent in Fort Lauderdale rested at $32.61 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Fort Lauderdale averaged $37.84 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.51 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $21.47 per square foot, on average. Comparably, statewide Florida average office rents by class in 2023 were: $36.87 per square foot for class A office space; $27.52 per square foot for class B office space; $32.32 per square foot for class C office space.

2023 Office Vacancy Rates in Fort Lauderdale

Submarket Asking Rents Vacancy Rates
Fort Lauderdale - Central Business District $45.86 21.81%
Davie $39.22 0.00%
Fort Lauderdale - Central $39.05 16.59%
Pembroke Pines $35.89 10.23%
Sunrise $34.22 13.12%
Fort Lauderdale - North $34.00 2.83%
Plantation $29.91 17.12%
Tamarac $27.85 7.85%
Fort Lauderdale - South $26.47 15.84%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Fort Lauderdale market was 17.03% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Fort Lauderdale was 0.00% in the Davie submarket, while the highest office vacancy in the market was 21.81%, recorded in Fort Lauderdale - Central Business District.

Office Spaces for Rent in Florida

Fort Lauderdale Office Sale Price per SF

  • $170.892023 Avg. Price per SF
  • -47.93%Y-o-Y Avg. PpSF Change
  • $104.9M2023 Office Sales Volume
  • 142023 Number of Transactions

Fort Lauderdale, FL Sale Price per SF Trend

  • Fort Lauderdale Avg. Sale Price per SF in 2023$170.89
  • Florida Avg. Sale Price per SF in 2023$213.92
Fort Lauderdale office space cost in 2023 marked a -47.93% change compared to the previous year. The sale price for office space in Fort Lauderdale averaged $170.89 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Florida average office sale price during the same time period was $213.92 per square foot.

2023 Office Sales Volume

  • Fort Lauderdale, FL Total Office Sales Volume in 2023 $104.9M
  • Fort Lauderdale, FL Total Number of Office Sales Closed in 2023 14
A total of 14 deals closed on the Fort Lauderdale office market in 2023, adding up to a yearly sales volume of $104.9M. Notably, the largest transaction on the market saw 101 East Broward Blvd & Corporate Center change hands for $43,000,000 on 5/17/2023.

Largest Fort Lauderdale Office Sales in 2023

Property name Address Date Price
101 East Broward Blvd & Corporate Center 100 East Broward Blvd 5/17/2023 $43,000,000
Bayview Office Plaza 2810 East Oakland Park Blvd 10/2/2023 $10,425,000
2866 East Oakland Park Blvd 2866 East Oakland Park Blvd 7/3/2023 $6,900,000
6100 North Federal Hwy 6100 North Federal Hwy 12/1/2023 $6,500,000
1655 North Commerce Pkwy 1655 North Commerce Pkwy 2/6/2023 $6,350,000
Data provided by Commercial Edge

Coworking Spaces in Florida

2023 Office Construction in Fort Lauderdale, FL

  • Fort Lauderdale, FL Total SF completed in 2023 21,000
  • Fort Lauderdale, FL Total SF under construction in 2024 14,110

During 2023, 21,000 square feet of new office space were delivered across the market. At the close of 2023, the Fort Lauderdale office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 21,000 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 14,110 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Fort Lauderdale
Office building Address SF Completed
New Construction Office & Retail 1506 NE 4th Ave, 33304 1,920 2024
Society Las Olas 301 SW 1st Avenue, 33301 600,000 2020
The Main Las Olas 201 E Las Olas Blvd, 33301 387,402 2020
The 550 Building 550 South Andrews Avenue, 33301 101,840 2019
201 SE 12th St 201 SE 12th St, 33316 7,118 2018
1801 SE 3rd Ave 1801 SE 3rd Ave, 33316 5,000 2018
Courthouse Place 12 SE 7th Street, 33316 64,499 2008
Hotwire Technology Center 2100 West Cypress Creek Road, 33309 185,000 2005
Himmarshee Landing 1200 E Las Olas Blvd, 33301 50,756 2004
Bank of America Plaza at Las Olas City Centre 401 East Las Olas Blvd, 33301 404,895 2002

Worth noting among recent office completions on the Fort Lauderdale market is New Construction Office & Retail, which is currently the largest new office development in the city, at 1,920 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Fort Lauderdale commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.