Industrial, retail, office rents hit record highs across South Florida

by carlislewillard January 31, 2023

January 31, 2023

Industrial vacancies fell to an all-time low of 2.1% in Miami-Dade, while just 4% of available retail properties in Broward were open to new tenants in Q4. Image via AP.

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