{"id":10035,"date":"2025-01-27T18:14:30","date_gmt":"2025-01-27T23:14:30","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=10035"},"modified":"2025-01-27T18:43:51","modified_gmt":"2025-01-27T23:43:51","slug":"lee-associates-south-florida-q4-market-report-local-retail-office-sectors-maintain-strength","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2025\/01\/27\/lee-associates-south-florida-q4-market-report-local-retail-office-sectors-maintain-strength\/","title":{"rendered":"Lee & Associates South Florida Q4 Market Report: Local Retail, Office Sectors Maintain Strength"},"content":{"rendered":"
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Lee & Associates South Florida Q4 Report: Local Retail, Office Sectors Maintain Strength<\/strong><\/h2>\n

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Region\u2019s multifamily and industrial sectors continue softening trend in fourth quarter of 2024<\/em><\/strong><\/h3>\n

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MIAMI, FL (January 27, 2025)<\/strong> \u2013 South Florida\u2019s retail and office markets kept shining \u2013 especially in comparison to the rest of the nation \u2013 during the fourth quarter of 2024. On the flip side, the region\u2019s multifamily and industrial sectors continued a softening trend from the previous quarter, but there are positive indicators early in the new year.<\/p>\n<\/div>\n<\/div><\/div>

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Retail<\/strong><\/h3>\n

\"Stephen<\/a><\/em><\/p>\n

Retail vacancies remained extremely low in the fourth quarter, only inching up year-over-year from 3.0% to 3.2%. Average asking rents also increased year-over-year, from $36.07 per square foot NNN to $36.73.<\/p>\n

\u201cSouth Florida\u2019s Retail market continues to exhibit robust performance as spending remains elevated relative to pre-pandemic levels, and although relatively muted, real consumption growth has returned in Q4 due to high consumer demands during the Holiday seasons,\" said Lee & Associates South Florida Principal, Stephen DeMeo<\/strong><\/a>. \"The Tri-County region has maintained vacancy rates below 4% for 11 consecutive quarters, with a current rate of approximately 3.28%. Net absorption has declined, while the average asking rents have remained relatively flat. New retail space will likely come to market in small doses, so prospective tenants may have limited options in sought-after locations. Overall, the South Florida retail market demonstrates resilience, characterized by low vacancy rates, increasing rental rates, and sustained high investor interest, despite broader economic fluctuations<\/em>\"\u00a0<\/em><\/p>\n<\/div>\n<\/div><\/div>

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Office<\/strong><\/h3>\n

\"Bert<\/a>The tri-county area of South Florida closed the fourth quarter of 2024 with an 8.4% office vacancy rate, slightly up from 8.1% a year earlier. The average asking rent climbed year-over-year from $36.50 per square foot triple-net (NNN) to $38.02 per square foot.<\/p>\n

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\u201cWith the elections in the rear view, 4th quarter 2024 gave us a glimpse of what the start to 2025 could look like,\" said Lee & Associates South Florida Principal, Bert Checa<\/a><\/strong>. \"A strong demand for 2nd generation Class A space as Tenants continue to right size from older class B spaces into smaller class A spaces. New to market Tenants continue to absorb most of the new supply of first-generation class A office space. Vacancy held steady throughout 2024 hovering from 8% to 8.4%. The news of rate decreases in the upcoming FED meetings sparks an increase in sales activity. Average rental rates and sales prices continue a steady upward trajectory through 2024 and into 2025. <\/em>\"<\/em><\/p>\n<\/blockquote>\n<\/div>\n<\/div><\/div>

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Multifamily<\/strong><\/h3>\n

\"Todd<\/a><\/p>\n

South Florida\u2019s multifamily sector recorded a year-over-year rise in vacancies in the fourth quarter of 2024, from 5.7% to 6.1%. Asking rents increased year-over-year from $2,184\/month to $2,214\/month.<\/p>\n

\"South Florida\u2019s Multifamily sector is resilient, and Q4 showed positive signs across most metrics that it may have even 'bottomed' in Q3,\" said Lee & Associates South Florida Principal, Todd Cohen<\/a><\/strong>. \"We use quotes because Multifamily has outperformed pretty much all asset classes in Florida, and geographically, South Florida has ranked among the strongest performing markets nationwide for a number of years now, 2024 included. To that end, vacancy rates and cap rates ticked down quarter over quarter, and net absorption increased, which bodes well as we head into 2025. With November\u2019s election uncertainty resolved, and interest rates slowly trending downward, there is reason for optimism. Rental rates and sales numbers grew on a per door basis, so positive trends were pervasive throughout the sector\u2019s key metrics. We hope this momentum continues into 2025.\"<\/em><\/p>\n<\/div>\n<\/div><\/div>

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Industrial<\/strong><\/h3>\n

South Florida\u2019s industrial vacancies jumped significantly in the fourth quarter, from 3.2% to 4.8%. The average asking rent dipped from $17.38 per square foot NNN to $17.10 in the same span.<\/p>\n

\"Michael<\/a><\/p>\n

\"South Florida continues to ride a high wave of market growth for industrial assets in strategic locations, while leasing momentum softens with slight uncertainty from possible policy impacts on trade next year,\" said Lee & Associates South Florida Princpal, Michael Hinton, CCIM<\/a><\/strong>. \"Great locations with superior access to airports and ports continue to\u00a0<\/em>command the best rents and tenants. Savvy tenants are rethinking and adjusting warehouse-to-office ratios, freeing space, parking spots, and possible savings on TI. Outsourced and remote work continue to reduce workforce costs. Cap rates are rising gradually, with steady returns expected despite over 7 million sf of new construction due for completion in the next two years. Overall, the industrial market remains strong, enjoying a plateau after significant growth\u2014riding the top of the wave is a good thing.<\/em>\"<\/em><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div>

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INDUSTRIAL<\/strong><\/h3>\n
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MULTIFAMILY<\/strong><\/h3>\n
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OFFICE<\/strong><\/h3>\n
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RETAIL<\/strong><\/h3>\n
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About Lee & Associates | South Florida<\/strong><\/a><\/p>\n

Lee & Associates | South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee & Associates is the largest agent owned brokerage in the nation with Senior Agent\u2019s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making.\u00a0 The Lee & Associates\u2019 robust national network that sold and leased over $115 Billion over the last 5 years offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee & Associates South Florida, visit leesouthflorida.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Instagram<\/a>, our company local news<\/a>.<\/p>\n

About Lee & Associates<\/strong><\/a><\/p>\n

Lee & Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee & Associates has grown its service platform to include over 75 offices\u00a0in the United States and Canada. Lee & Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers. \u00a0For the latest news from Lee & Associates, visit\u00a0lee-associates.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Link<\/a>, our company blog.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

Lee & Associates South Florida Q4 Report: Local Retail, Office Sectors Maintain Strength   Region\u2019s multifamily and industrial sectors continue softening trend in fourth quarter of 2024   MIAMI, FL (January 27, 2025) \u2013 South Florida\u2019s retail and office markets kept shining \u2013 especially in comparison to the rest of the nation \u2013 during the fourth quarter of 2024. On the flip side, the region\u2019s multifamily and industrial sectors continued a softening trend from the…<\/p>\n","protected":false},"author":76,"featured_media":10036,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,105,1817,3,108,107,106],"tags":[1088],"class_list":["post-10035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-industrial","category-investment-sale","category-market-reports","category-multifamily","category-office","category-retail","tag-team"],"yoast_head":"\nLee & Associates South Florida Q4 Market Report: Local Retail, Office Sectors Maintain Strength - Lee & Associates South Florida<\/title>\n<meta name=\"description\" content=\"Local Retail, Office Sectors Maintain Strength; Multifamily and Industrial Sectors Continue Softening Trend. 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