There has been a surge in leasing activity as companies have relocated to the downtown and Las Olas market. Traditionally, the downtown office space has primarily consisted of law firms and financial companies, but a new wave of tenants has increasingly featured a more diverse mix of businesses including healthcare and technology companies. The desire for the live/work urban office setting has been a catalyst for growth. And as more companies relocate to the area, more people will consider urban living.
Fort Lauderdale’s office fundamentals are strong.
With key economic indicators trending in a positive direction, and employment and output increasing, small businesses and service companies have continued to prosper on Las Olas Boulevard. That, along with Fort Lauderdale’s increasing gross metropolitan product (GMP), Las Olas Boulevard boasts a strong concentration of small businesses to population, another sign of corporate health.
Overall, the Broward office markets experienced a healthy recovery as vacancy rates have been decreasing. According to Collier’s International, the office vacancy in Downtown Fort Lauderdale market is at 8.2%. Downtown Fort Lauderdale has become a favorable environment for the co-working industry, with younger people choosing to work in this type of office market, positively affecting the economy. New residents are moving into the now-thriving developments north of Broward Bloulevard, such as Flagler Village and the Six13 Apartments, which provides 142 workforce rentals. A total of 762,316 square feet was leased in the fourth quarter of 2018, with 24% of that activity being concentrated in the downtown Fort Lauderdale sub-market. Office rates currently average $31.25 per square foot, an increase of 17% year-after-year.
Las Olas Boulevard is a distinguished address for many of Fort Lauderdale’s leading companies, law firms and service professionals.
Nestled between downtown Fort Lauderdale and one of the most upscale residential communities in Broward, Las Olas Boulevard is just minutes from the airport, seaport and beaches, conveniently located near Fort Lauderdale’s central business district. It’s no wonder so many companies and professionals have chosen Las Olas Boulevard as their home. These savvy companies recognize the advantages of having a world-class hotel in the area for out-of-town clients to stay. They also like having access to excellent restaurants, where they can dine and entertain clients, and employees can walk to lunch in the area and enjoy happy hour with colleagues after work.
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