Rents soared to record highs across all asset classes in South Florida during the fourth quarter of 2022, as vacancies sank further despite a development rush to fill demand.
In Broward County, the average asking rate for office space soared to $37.22 per square foot, while retail rent hit $26.84 and industrial rocketed 26.7% year-over-year to $13.86, a Q4 report from Colliers showed.
Miami-Dade rents continued to climb as well, with per-square-foot office space hitting $57.18. Retail cost $44.16, while industrial prices reached $13.13.
In Palm Beach, office rents rose $40.70 per square foot, while retail and industrial respectively hit $29.16 and $13.26.
– Jesse Scheckner, Florida Politics