Figures
Broward Industrial Figures - Q4 2024
January 8, 2025 5 Minute Read
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- The Broward industrial market closed the year with 172,000 sq. ft. of positive net absorption, extending its impressive streak of over a decade of consecutive annual gains. However, absorption levels have been on a downward trend since their 2021 peak, signaling a transition to a more moderated market environment.
- Construction activity has also responded to shifting market dynamics. Despite net absorption reaching its lowest point since 2019, over 1.0 million sq. ft. of new development broke ground, with most of the activity concentrated in the Pompano region.
- Rents increased by 3.0% over the past year, supported by an overall vacancy rate of 4.5%, the lowest in the Florida market. With more than 1.0 million sq. ft. of new developments scheduled for completion by 2025, rents are projected to sustain their upward momentum, bringing higher-tier rates to the market.