Market Trends

• South Florida’s vacancy rate has steadily increased over the past four quarters, up 170 basis points (bps) to 4.6% for Q1 2024 year over year.
• Net absorption rebounded quarter over quarter, up 22% from 2.3 million square feet (msf) to 2.8 msf, but was still down 14% year over year.
• Construction starts have fallen across South Florida as the supply and demand balance has improved and vacancies tick up.

Read the full report