{"id":10712,"date":"2026-07-29T12:55:54","date_gmt":"2026-07-29T16:55:54","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=10712"},"modified":"2026-07-29T13:02:12","modified_gmt":"2026-07-29T17:02:12","slug":"lee-associates-south-florida-q2-report-office-and-retail-markets-gain-momentum-while-multifamily-remains-resilient","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2026\/07\/29\/lee-associates-south-florida-q2-report-office-and-retail-markets-gain-momentum-while-multifamily-remains-resilient\/","title":{"rendered":"Lee & Associates South Florida Q2 Report: Office and Retail Markets Gain Momentum While Multifamily Remains Resilient"},"content":{"rendered":"
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Lee & Associates South Florida Q2 Report: Office and Retail Markets Gain Momentum While Multifamily Remains Resilient<\/h2>\n

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Region's industrial sector continues to normalize as pricing and investor activity remain strong<\/strong><\/h3>\n

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MIAMI, FL (July 29, 2026)<\/strong> \u2013 South Florida's office and retail sectors gained momentum during the second quarter of 2026, while the region's multifamily market continued to demonstrate resilience despite ongoing global economic uncertainty. The industrial market continued its transition toward a more balanced environment, with vacancies rising alongside continued investor confidence and stable rent growth.<\/p>\n<\/div>\n<\/div><\/div>

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

South Florida's industrial vacancy increased to 6.7%<\/strong> in the second quarter, up from 5.6%<\/strong> one year earlier. Despite a fifth consecutive quarter of negative absorption, average asking rents climbed to $17.59 per square foot triple-net (NNN)<\/strong> while average sales pricing increased to $238 per square foot<\/strong>, underscoring continued investor confidence in the region.<\/p>\n

\"Michael<\/p>\n

\"<\/em>South Florida's industrial market continued to soften in Q2 2026, with vacancy rising to 6.7% (from 5.6% a year ago) amid a fifth straight quarter of negative net absorption, though the -2.30M SF loss improved slightly from Q1's -2.54M SF. Landlords still pushed asking rental rates to $17.59 PSF NNN, while sales pricing rose to $238 PSF even as cap rates expanded to nearly 7.0%. Construction activity continues to cool, with under-construction space falling to 6.4M SF. Large logistics leases (Ryder System) and a $352M Prologis acquisition in Davie show institutional investors remain active despite softer fundamentals, as the market shifts toward a more balanced, oversupplied phase with rising vacancy but resilient pricing.\"<\/em><\/p>\n

- Michael Avendano<\/a>,\u00a0Senior Vice President at Lee & Associates South Florida<\/em><\/p>\n<\/div>\n<\/div><\/div>

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

South Florida's office market posted one of its strongest quarters in recent memory, recording 559,095 square feet of positive net absorption<\/strong> while vacancy declined year-over-year from 8.7% to 8.3%<\/strong>. Average asking rents continued climbing, reaching $41.63 per square foot NNN<\/strong>, reflecting sustained demand for high-quality office space across the tri-county region.<\/p>\n

\"William\u201cStability is returning to the Broward County office market. In 2nd<\/sup> Quarter occupancy has improved following the negative absorption of Q1\u201926. \u00a0\u00a0While not yet a full-scale demand recovery, there appears to be a clear shift away from major tenant downsizings toward a more balanced, resilient market. Demand is accelerating across Palm Beach County's 60.6 million-square-foot office market. Net absorption skyrocketed to 261,750 square feet\u2014marking the fourth consecutive quarter of positive gains and the strongest performance of the past year. Because zero new inventory was delivered this quarter, competition is heating up. Vacancy rates tumbled 40 basis points to a lean 7.5%, while availability squeezed down to 6.6%. As supply tightens and demand surges, prime, modernized office spaces are perfectly positioned to capture premium tenants looking for high-quality, efficient workplace solutions. Miami is America's Premier office market is a top-tier destination for corporate growth and strategic capital deployment. Driven by executive migration, high-profile headquarters relocations are continuing to reshape the city\u2019s economic landscape. Existing tenants are rapidly scaling, with several firms doubling their footprint.\u00a0 The corporate interest meets powerful institutional backing fueled by public-private partnerships, with Stephen Ross and Ken Griffin active, South Florida is the ultimate region for businesses to scale, relocate, and thrive.\"<\/em><\/p>\n

- William Domsky<\/a>,\u00a0Principal at Lee & Associates South Florida<\/em><\/p>\n<\/div>\n<\/div><\/div>

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

South Florida's multifamily sector remained one of the region's strongest performers during the second quarter. Vacancy declined slightly to 6.4%<\/strong>, while average asking rents increased to $2,313 per unit<\/strong>, reflecting continued demand despite persistent inflationary pressures and higher development costs.<\/p>\n

\"Todd<\/a>\"South Florida\u2019s Multifamily sector continued to show strength and resilience in the second quarter of 2026, and the data was positive across almost all metrics. Vacancy rates decreased quarter over quarter and remain lower than national averages. Asking rents rose again, and the average sale price per unit jumped significantly due to some mega-trades of newer properties in superior submarkets. Net absorption rose for the second straight quarter. With continued uncertainty surrounding global energy prices, the conflict with Iran and the ongoing threat to the Strait of Hormuz which continue to push inflation and costs of all goods and services related to development and building operations, strength in this sector is somewhat surprising and speaks to the desirability and remarkably high barriers to entry for South Florida\u2019s residential market. South Florida has emerged as a global powerhouse of a real estate market, and its favorable climate for both weather and business will continue to draw companies, new jobs and new residents.<\/em>\" <\/em><\/p>\n

-\u00a0<\/em>Todd Cohen<\/a>, Principal at Lee & Associates South Florida<\/em><\/p>\n<\/div>\n<\/div><\/div>

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

South Florida's retail market rebounded in the second quarter after two consecutive quarters of negative absorption. Vacancy improved slightly to 3.4%<\/strong>, while average asking rents increased to $36.48 per square foot NNN<\/strong>, supported by continued demand from grocery-anchored centers and value-oriented retailers.<\/p>\n

\"Stephen<\/a>\u201cSouth Florida's retail market snapped back in the second quarter, with tri-county net absorption swinging to roughly 613,000 square feet after two straight negative quarters, and vacancy easing to 3.4%. Miami-Dade led the recovery, with vacancy falling to 3% and rents climbing to over 2.5% to $42.50 PSF, while Broward told a different story, with vacancy ticking up to 4.3% and rents softening to $27.67 PSF, down 3.4%. Palm Beach landed in between, adding nearly 149,000 square feet of absorption and pushing vacancy down to 4%, with rents up 3.4% annually to $30.14 PSF. Grocery-anchored and value-oriented tenants remain the primary demand drivers, evidenced by Publix's $78 million Boynton Beach acquisition. Construction activity ticked up but remains historically restrained, and sale pricing eased slightly to $387 PSF as cap rates drifted higher, reflecting a more selective, but still fundamentally healthy, investment climate<\/em>.<\/em>\"\u00a0 <\/em><\/p>\n

-\u00a0<\/em>Stephen DeMeo<\/a>, Principal at Lee & Associates South Florida<\/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 $128 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: Office and Retail Markets Gain Momentum While Multifamily Remains Resilient   Region’s industrial sector continues to normalize as pricing and investor activity remain strong   MIAMI, FL (July 29, 2026) \u2013 South Florida’s office and retail sectors gained momentum during the second quarter of 2026, while the region’s multifamily market continued to demonstrate resilience despite ongoing global economic uncertainty. The industrial market continued its transition toward a more…<\/p>\n","protected":false},"author":76,"featured_media":10713,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,3,2],"tags":[1088],"class_list":["post-10712","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-market-reports","category-press-releases","tag-team"],"yoast_head":"\nLee & Associates South Florida Q2 Report: Office and Retail Markets Gain Momentum While Multifamily Remains Resilient - Lee & Associates South Florida<\/title>\n<meta name=\"description\" content=\"South Florida\u2019s Q1 2026 market report. 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