{"id":10272,"date":"2025-07-23T11:18:31","date_gmt":"2025-07-23T15:18:31","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=10272"},"modified":"2025-07-23T11:22:54","modified_gmt":"2025-07-23T15:22:54","slug":"lee-associates-south-florida-q2-report-industrial-vacancies-jump-significantly-year-over-year","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2025\/07\/23\/lee-associates-south-florida-q2-report-industrial-vacancies-jump-significantly-year-over-year\/","title":{"rendered":"Lee & Associates South Florida Q2 Report: Industrial Vacancies Jump Significantly Year-Over-Year"},"content":{"rendered":"
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Lee & Associates South Florida Q2 Report: Industrial Vacancies Jump Significantly Year-Over-Year<\/strong><\/h2>\n

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Region\u2019s office, multifamily and retail sectors maintain strength in second quarter of 2025<\/em><\/strong><\/h3>\n

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MIAMI, FL (July 22, 2025)<\/strong> \u2013 South Florida\u2019s industrial market experienced a surge in vacancies during the second quarter of 2025, according to Lee & Associates South Florida\u2019s Q2 2025 market report. The region\u2019s office, multifamily and retail sectors largely mirrored year-over-year trends from the previous quarter, however.<\/p>\n<\/div>\n<\/div><\/div>

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

South Florida\u2019s industrial vacancies jumped substantially in the second quarter, from 4% to 5.4%. The average asking rent modestly increased from $17.23 per square foot triple-net (NNN) to $17.28 in the same span. Investor interest in local industrial portfolios remains robust, however.<\/p>\n

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

\"Broward County saw several large portfolio sales of institutional product closing at an average of $245 psf. These portfolios consist of newer product most importantly with income,\" said Lee & Associates South Florida Principal, Greg Milopoulos<\/a><\/strong>. \"We\u2019ve closed several large deals ourselves, most recently a 45,500 sf single-tenant industrial building simply for the fact that we were able
\nto secure a tenant ahead of going under contract. <\/em>In some respects, if the property\u2019s rents can be brought close to market $17.05 NNN range, you\u2019ll continue to see values on class A product achieve over $230 psf and class C around $215 psf. <\/em>Leasing has seen an uptick in deals over 30,000 sf in the last 3 months after experiencing 4-5 months of minimal activity.\"<\/em><\/p>\n<\/div>\n<\/div><\/div>

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

South Florida closed the second quarter of 2025 with an 8.7% office vacancy rate, slightly up from 8.3% a year earlier. The average asking rent climbed year-over-year from $37.37 per square foot triple-net (NNN) to $38.73 per square foot.<\/p>\n

\"C.<\/a>\u201cThe South Florida Office Market remains resilient and continues to outpace much of the country in terms of new supply as well as vacancy rates that trail the national average,\" said Lee & Associates South Florida Principal, C. Todd Everett, SIOR<\/a><\/strong>. \"Downtown West Palm Beach in particular is seeing tremendous growth in its CBD office supply with nearly 2 million SF currently under construction with net rents in the low-to-mid $100 per square foot range. Vacancy throughout the MSA has ticked up around 10 basis points from the prior quarter while sales price PSF has
\nremained flat and cap rates have compressed slightly.\"<\/em><\/p>\n

\"The hyper land constraints of South Florida combined with population growth bodes well for the overall office market for the foreseeable future, despite rising rates, expenses and TI.<\/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 miniscule year-over-year increase in vacancies in the second quarter of 2025, from 6.2% to 6.3%. Asking rents increased year-over-year from $2,229\/month to $2,256\/month.<\/p>\n

\"Todd<\/a>\"South Florida\u2019s Multifamily sector remains strong through the first half of 2025. Vacancy ticked up a bit from Q1, but is still lower than 2024 levels. Rental Rates, Sales Per Unit and Sales Cap Rates all remained stable at levels that show strength, further confirming South Florida\u2019s multifamily properties are essential assets within investment portfolios for investors, both private and institutional,\" said Lee & Associates South Florida Principal, Todd Cohen<\/a><\/strong>. \"With the uncertainty surrounding tariffs, inflation and global conflict presenting potential hurdles to keep in mind, the safety and universal utility of residential rental properties will continue to bolster the sector relative to the broader market.\"<\/em><\/p>\n

\"South Florida\u2019s market in general, and its multifamily sector in particular, remain incredibly strong compared to the rest of the United States<\/em>.\"<\/em><\/p>\n<\/div>\n<\/div><\/div>

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

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Retail vacancies inched up in the second quarter, from 3.1% a year ago to 3.5%. Average asking rents dipped year-over-year, from $36.45 per square foot NNN to $36.14.<\/p>\n

\"Stephen<\/a>\u201cThe South Florida retail market softened slightly in Q2, with net absorption of just 224,452 SF, down from 678,027 SF in Q1. Vacancy inched up to 3.5%, reflecting a modest pullback in leasing activity. Asking rents held firm at $36.14 PSF NNN, while sales prices rose to $389 PS, supported by sustained institutional demand, while cap rates tightened, signaling investor confidence in long-term fundamentals despite a dip in transaction volume,\" said Lee & Associates South Florida Principal, Stephen DeMeo<\/strong><\/a>. \"Construction activity slowed to 1.29 million SF, the lowest level
\nin over five years. This trend reflects a more disciplined supply pipeline in response to tighter capital markets and rising construction costs.\"<\/em><\/p>\n

\"The market remains fundamentally healthy but shows signs of normalization following a strong 2023-2024 growth period<\/em>.<\/em>\"\u00a0<\/em><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div>

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INDUSTRIAL<\/strong><\/h3>\n
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OFFICE<\/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 Q2 Report: Industrial Vacancies Jump Significantly Year-Over-Year   Region\u2019s office, multifamily and retail sectors maintain strength in second quarter of 2025   MIAMI, FL (July 22, 2025) \u2013 South Florida\u2019s industrial market experienced a surge in vacancies during the second quarter of 2025, according to Lee & Associates South Florida\u2019s Q2 2025 market report. The region\u2019s office, multifamily and retail sectors largely mirrored year-over-year trends from the previous quarter, however.<\/p>\n","protected":false},"author":76,"featured_media":10273,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,105,3,108,107,106],"tags":[1088],"class_list":["post-10272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-industrial","category-market-reports","category-multifamily","category-office","category-retail","tag-team"],"yoast_head":"\nLee & Associates South Florida Q2 Report: Industrial Vacancies Jump Significantly Year-Over-Year - Lee & Associates South Florida<\/title>\n<meta name=\"description\" content=\"South Florida industrial vacancies jump significantly year-over-year; region\u2019s office, multifamily and retail sectors maintain strength.\" \/>\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\/07\/23\/lee-associates-south-florida-q2-report-industrial-vacancies-jump-significantly-year-over-year\/\" \/>\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 Q2 Report: Industrial Vacancies Jump Significantly Year-Over-Year\" \/>\n<meta property=\"og:description\" content=\"South Florida industrial vacancies jump significantly year-over-year; 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