{"id":9269,"date":"2023-10-27T10:15:22","date_gmt":"2023-10-27T14:15:22","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=9269"},"modified":"2023-10-27T10:15:22","modified_gmt":"2023-10-27T14:15:22","slug":"lee-associates-south-florida-q3-report-industrial-rents-keep-rising-despite-vacancy-uptick","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2023\/10\/27\/lee-associates-south-florida-q3-report-industrial-rents-keep-rising-despite-vacancy-uptick\/","title":{"rendered":"Lee & Associates South Florida Q3 Report: Industrial Rents Keep Rising Despite Vacancy Uptick"},"content":{"rendered":"
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Lee & Associates South Florida Q3 Report: Industrial Rents Keep Rising Despite Vacancy Uptick<\/strong><\/h2>\n

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Local retail sector shines, while office and multifamily conditions soften...<\/em><\/strong><\/h3>\n

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MIAMI, FL (October 25, 2023)<\/strong> \u2013 South Florida\u2019s local retail sector continues to show promising trends, and office and multifamily conditions soften, while the industrial market is experiencing conflicting trends of rising rental rates and increasing vacancies. With more than 13.21 million square feet of new industrial space under construction through the end of the third quarter, something will have to give moving forward.<\/p>\n<\/div>\n<\/div><\/div>

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

\"Conner<\/p>\n

The tri-county area of South Florida closed the third quarter of 2023 with a 2.7% industrial vacancy rate, up from 2.4% a year earlier. The average asking rent surged year-over-year from $13.35 per square foot triple-net (NNN) to $16.83.<\/p>\n

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\u201cWe are still seeing companies right-size their warehouse space, which has resulted in more sublease and second-generation spaces hitting the market,\u201d Lee & Associates Vice President Conner Milford<\/a><\/strong> said. \u201cThis activity, along with the new inventory being delivered, has allowed the vacancy rate to rise above 3% again [in certain submarkets], yet still well below the national average. To entice tenants, landlords will look more towards offering concessions on almost any deal point other than rent<\/em>.\"<\/em><\/p>\n<\/blockquote>\n<\/div>\n<\/div><\/div>

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

\"BertThe tri-county office sector is expected to see some softening in lockstep with the rest of the nation, but office vacancies stayed flat year-over-year at 8.6% in the third quarter. The average asking rent rose from $35.63 per square foot NNN to $36.64 in the same span.<\/p>\n

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\u201cSouth Florida Class A and B office rental rates have peaked and are holding, and the vacancy rate has remained steady for the last few quarters despite absorption of new space showing a trending decline,\u201d Lee & Associates South Florida Principal Bert Checa<\/a><\/strong>. \u201cLandlords and asset managers are starting to shift their strategies from pushing office rates to concessions on a case-by-case basis to retain current tenants<\/em>.<\/em>\"<\/span><\/p>\n<\/blockquote>\n<\/div>\n<\/div><\/div>

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

\"ToddThe local multifamily sector saw a notable year-over-year rise in vacancies in the third quarter of 2023, from 4.6% to 5.4%. Asking rents inched up year-over-year from $2,099\/month to $2,121\/month, which was a slight decline from the previous quarter.<\/p>\n

\"South Florida\u2019s white-hot multifamily sector finally showed signs of cooling off in the third quarter,\u201d Lee & Associates South Florida Principal Todd Cohen<\/a><\/strong> said. \u201cDemographic trends bolstered by favorable taxes and overall lifestyle factors should continue to allay any fears in terms of net absorption, however. Rental rates remain strong, buoyed by higher interest rates and a lack of for-sale housing inventory making homeownership less tenable.\"<\/em><\/p>\n<\/div>\n<\/div><\/div>

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

\"NicolasRetail vacancies declined from 3.2% in the third quarter of 2022 to 3.0% in the third quarter of 2023. Average asking rents jumped year-over-year from $34.63 per square foot NNN to $36.12.<\/p>\n

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\"South Florida\u2019s retail market showcased promising trends in the third quarter,\u201d Lee & Associates Associate Nicolas Moreno<\/strong><\/a> said. \u201cA steady vacancy rate and solid net absorption over the last year indicates a stable demand, consistent occupancy and interest. Significant lease transactions exemplify a continued appetite from major retailers, and sale transactions spotlight premium dealings with prices per square foot reaching as high as $382.70<\/em>.\"<\/em><\/p>\n<\/blockquote>\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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\n\t\t\t\t\t\tLee & Associates Q3 National Market Reports\t\t\t\t\t\t<\/h2>\n\t\t\t\t\t\t\t\t\t\t\t
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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 $32 Billion in 2022 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 Q3 Report: Industrial Rents Keep Rising Despite Vacancy Uptick Local retail sector shines, while office and multifamily conditions soften…   MIAMI, FL (October 25, 2023) \u2013 South Florida\u2019s local retail sector continues to show promising trends, and office and multifamily conditions soften, while the industrial market is experiencing conflicting trends of rising rental rates and increasing vacancies. With more than 13.21 million square feet of new industrial space under construction…<\/p>\n","protected":false},"author":76,"featured_media":9270,"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-9269","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 Q3 Report: Industrial Rents Keep Rising Despite Vacancy Uptick - Lee & Associates South Florida<\/title>\n<meta name=\"description\" content=\"South Florida industrial rents keep rising despite vacancy uptick, local retail sector shines, while office and multifamily conditions soften\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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