{"id":10173,"date":"2025-04-23T14:00:42","date_gmt":"2025-04-23T18:00:42","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=10173"},"modified":"2025-04-22T18:59:56","modified_gmt":"2025-04-22T22:59:56","slug":"lee-associates-south-florida-q1-report-industrial-vacancies-surge-but-rents-hold-steady","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2025\/04\/23\/lee-associates-south-florida-q1-report-industrial-vacancies-surge-but-rents-hold-steady\/","title":{"rendered":"Lee & Associates South Florida Q1 Report: Industrial Vacancies Surge, But Rents Hold Steady"},"content":{"rendered":"
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Lee & Associates South Florida Q1 Report: Industrial Vacancies Surge, But Rents Hold Steady<\/strong><\/h2>\n

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Region\u2019s office, multifamily and retail sectors remain resilient in first quarter of 2025<\/em><\/strong><\/h3>\n

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MIAMI, FL (April 23, 2025)<\/strong> \u2013 South Florida\u2019s industrial market experienced a major uptick in vacancies while avoiding rental rate compression during the first quarter of 2025, according to Lee & Associates South Florida\u2019s Q1 2025 market report. The region\u2019s office, multifamily and retail sectors demonstrated resilience amid broader economic challenges, however.<\/p>\n<\/div>\n<\/div><\/div>

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

South Florida\u2019s industrial vacancies jumped substantially in the first quarter, from 3.3% to 5.0%. The average asking rent essentially stayed flat, however, dipping from $17.25 per square foot NNN to $17.23 in the same span.<\/p>\n

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

\"The South Florida industrial market entered Q1 2025 on a quieter note, posting a negative net absorption of 2.5 million SF\u2014a stark contrast to Q3 2024\u2019s 2.66 million SF gain\u2014pushing vacancy rates to 5%,\" said Lee & Associates South Florida Senior Vice President, Christian Baena<\/strong><\/a>. \"This follows a volatile 2024, where Q4 saw absorption turn negative (-153,365 SF) and rents softened from $17.27 PSF in Q2 to $17.03 PSF by year-end. Yet, Q1 rents ticked up to $17.23 PSF, showing resilience, while sales prices fell to $189 PSF from Q4\u2019s $261 PSF peak. Construction jumped to 8.2 million SF from 5.71 million SF in Q3, echoing Q2\u2019s forward-looking sentiment. Major deals, like the $174.35 million, 424,586 SF Hialeah sale, underscore targeted investor enthusiasm, but leasing momentum has cooled as tenants adapt to increased supply and economic uncertainty.\"<\/em><\/p>\n

\"After 2024\u2019s plateauing growth, Q1 suggests a market finding balance, with strategic locations still driving value amid a post-boom recalibration.<\/em>\"<\/em><\/p>\n<\/div>\n<\/div><\/div>

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

The tri-county area of South Florida closed the first quarter of 2024 with an 8.5% office vacancy rate, slightly up from 8.3% a year earlier. The average asking rent climbed year-over-year from $36.86 per square foot triple-net (NNN) to $38.42 per square foot.<\/p>\n

\"Aida<\/a>\u201cSouth Florida\u2019s office market remained resilient through Q1 2025, with continued demand driven by high-growth sectors. The wellness sector is emerging as a powerful force within the medical office space market, driving new demand and reshaping tenant mixes across South Florida,\" said Lee & Associates South Florida Principal, Aida Nolan-Rodriguez<\/strong><\/a>. \"This trend is blending seamlessly with the multifamily and residential income sector as well, as developers and investors look to incorporate wellness-focused amenities and services into residential communities.\"<\/em><\/p>\n

\"Providers specializing in integrative health, preventative care, mental health services, and boutique wellness clinics are expanding rapidly, seeking modern, accessible spaces in high-traffic areas. This shift reflects a growing focus on health and ongoing lifestyle management, making wellness-oriented tenants highly attractive to landlords and investors alike. This blend is positioning medical office space as one of the most stable and growth-ready sectors in commercial real estate. <\/em>\"<\/em><\/p>\n<\/div>\n<\/div><\/div>

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

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South Florida\u2019s multifamily sector recorded a slight year-over-year increase in vacancies in the first quarter of 2025, from 5.7% to 5.8%. Asking rents increased year-over-year from $2,209\/month to $2,237\/month.<\/p>\n

\"Todd<\/a>\"South Florida\u2019s Multifamily sector\u2019s strength persisted emphatically in Q1 2025. Continued improvement across most metrics confirms that investors, both private and institutional, see South Florida\u2019s multifamily properties as essential within their portfolios,\" said Lee & Associates South Florida Principal, Todd Cohen<\/a><\/strong>. \"Cap rates compressed pretty significantly in Q1 2025, from 6.34% to 5.83%, their lowest level in a full year. Asking rents and sales prices also rose to new annual highs.\"<\/em><\/p>\n

\"With the uncertainty surrounding November\u2019s presidential election resolved, and interest rates slowly trending downward, there is further reason for optimism. Still, the tariffs and potential trade war that are roiling the broader equities markets around the world are worth monitoring. While stock market trouble and global market uncertainty could negatively affect buying power and real estate investment demand, it could also create a flight to safety for investors seeking tangible, domestic assets. Either way, the South Florida market and economy remain strong, especially in comparison to much of the United States, and we hope the resilience and momentum here continues throughout 2025.\"<\/em><\/p>\n<\/div>\n<\/div><\/div>

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

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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

\"Stephen<\/a>\u201cIn the first quarter of 2025, South Florida's retail sector continued to exhibit strength, with vacancy rates only increasing slightly, helped by a series of national retail store closures throughout the market,\" said Lee & Associates South Florida Principal, Stephen DeMeo<\/strong><\/a>. \"The market demonstrated resilience as landlords adapted by quickly attracting new regional and national tenants and exploring redevelopment opportunities with some larger footprint stores that came from retailers such as Party City, JoAnn Fabrics and Big Lots.\"<\/em><\/p>\n

\"Notably, grocery-anchored shopping centers remained a focal point for investors in the region, with Publix acquiring multiple properties, including a $50.7 million purchase in Davie. The average retail sale price for investors looking to enter the South Florida markets has grown considerably to $430\/sf from $378\/sf in Q4.\u00a0 This trend underscores a strategic pivot towards more stable and essential retail segments in response to the evolving market dynamics.<\/em>\"\u00a0<\/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 $120 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 Q1 Report: Industrial Vacancies Surge, But Rents Hold Steady   Region\u2019s office, multifamily and retail sectors remain resilient in first quarter of 2025   MIAMI, FL (April 23, 2025) \u2013 South Florida\u2019s industrial market experienced a major uptick in vacancies while avoiding rental rate compression during the first quarter of 2025, according to Lee & Associates South Florida\u2019s Q1 2025 market report. The region\u2019s office, multifamily and retail sectors demonstrated…<\/p>\n","protected":false},"author":76,"featured_media":10174,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,105,1817,3,1811,108,107,106],"tags":[1088],"class_list":["post-10173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-industrial","category-investment-sale","category-market-reports","category-medical","category-multifamily","category-office","category-retail","tag-team"],"yoast_head":"\nLee & Associates South Florida Q1 Report: Industrial Vacancies Surge, But Rents Hold Steady - Lee & Associates South Florida<\/title>\n<meta name=\"description\" content=\"Lee & Associates South Florida Q1 Report: Industrial Vacancies Surge, But Rents Hold Steady; office, multifamily and retail sectors remain resilient\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/southflorida\/2025\/04\/23\/lee-associates-south-florida-q1-report-industrial-vacancies-surge-but-rents-hold-steady\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lee & Associates South Florida Q1 Report: Industrial Vacancies Surge, But Rents Hold Steady\" \/>\n<meta property=\"og:description\" content=\"Lee & Associates South Florida Q1 Report: Industrial Vacancies Surge, But Rents Hold Steady; 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