Report: Broward County Industrial Market Continues Growth in Q3

Broward County’s industrial market continued to see significant growth during the third quarter of 2019, according to a recent report from Avison Young’s South Florida office.

During Q3 2019, Broward County recorded significant gains in net absorption, totaling just under one million square feet for the year-to-date. Additionally, the overall vacancy rate remains below 4%, despite 1.9 million square feet of industrial space delivering to the market so far during 2019.

On the rental side, rates continue to climb in Broward County, as the average asking rental rate for bulk distribution space increased to $8.70-per-square-foot, a 10.8% increase from the third quarter of 2018. Avison Young expects fundamentals to remain in check, as strong population growth and robust port activity continue to drive demand for logistics space in Broward County.

Industrial investment sales have surged during 2019, with investment volume totaling $774.9 million over the trailing 12 months ending September of 2019, an 84% jump over the total investment volume for the same time period in 2018. Of the total industrial investment sales for the year-to-date, 50.7% were to institutional investors, up from 45.1% during the same period in 2018.

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