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Market Overview

BACK TO INSIGHTS

EXPLORE 8 Florida MARKETSToggle markets

Fort Lauderdale
Fort Myers
Jacksonville
Lakeland
Miami
Orlando
Palm Beach
Tampa-St. Petersburg

Fort Lauderdale

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VACANCY

Apartment

Average Vacancy Rate 6.8%

Drifted upward by 30 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2021 at 6.5%.

Distribution / Warehousing

Average Vacancy Rate 8.1%

Declined by 100 basis points.
Lowest level since Q3 2018.
Expected to finish 2021 at 7.8%.

Flex / R&D

Average Vacancy Rate 7.9%

Ninth lowest in the nation and the fourth lowest in the South Atlantic.
Drifted downward by 30 basis points.
Expected to finish 2021 at 8.4%.

Office

Average Vacancy Rate 18.6%

Rose by 70 basis points.
Highest level since year-end 2015.
Expected to finish 2021 at 19.5%.

Retail

Average Vacancy Rate 8.9%

Drifted upward by 10 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 10.8%.

RENT

Apartment

Average Asking Rent $1,618

Up 0.6% from year-end 2020.
Fastest rate of increase in four quarters.
Expected to finish 2021 at $1,656.

Distribution / Warehousing

Average Asking Rent $7.67

Up 0.3% from year-end 2020.
Has risen in every quarter since Q1 2014.
Expected to finish 2021 at $7.90.

Flex / R&D

Average Asking Rent $10.15

Up 0.1% from year-end 2020.
Expected to finish 2021 at $10.21.

Office

Average Asking Rent $29.32

Flat since year-end 2020.
Expected to finish 2021 at $28.43.

Retail

Average Asking Rent $21.57

Flat since year-end 2020.
Expected to finish 2021 at $20.14.

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Fort Myers

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VACANCY

Distribution / Warehousing

Average Vacancy Rate 8.7%

Increased by 190 basis points.
Expected to finish 2019 at.

RENT

Distribution / Warehousing

Average Asking Rent $6.87

Up 0.4% from year-end 2018.
Has risen for six consecutive quarters.
Expected to finish 2019 at.

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Jacksonville

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VACANCY

Apartment

Average Vacancy Rate 5.8%

Drifted downward by 10 basis points.
Expected to finish 2021 at 6.1%.

Distribution / Warehousing

Average Vacancy Rate 9.4%

Fell by 140 basis points.
Lowest level since Q1 2019.
Expected to finish 2021 at 9.8%.

Flex / R&D

Average Vacancy Rate 7.5%

Seventh lowest in the nation and the third lowest in the South Atlantic.
Drifted upward by 40 basis points.
Highest level since Q2 2017.

Office

Average Vacancy Rate 22.7%

Drifted upward by 10 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2021 at 24.0%.

Retail

Average Vacancy Rate 10.9%

Drifted upward by 20 basis points.
Highest level since year-end 2018.
Expected to finish 2021 at 13.1%.

RENT

Apartment

Average Asking Rent $1,090

Up 0.6% from year-end 2020.
Fastest rate of increase in four quarters.
Expected to finish 2021 at $1,111.

Distribution / Warehousing

Average Asking Rent $4.29

Up 0.2% from year-end 2020.
Has risen in every quarter since Q2 2015.
Expected to finish 2021 at $4.40.

Flex / R&D

Average Asking Rent $8.56

Second fastest rent growth in the nation, behind only San Francisco.
Fastest rate of increase in seven quarters.
Expected to finish 2021 at $8.56.

Office

Average Asking Rent $20.20

Up 0.1% from year-end 2020.
Expected to finish 2021 at $19.81.

Retail

Average Asking Rent $17.56

Up 0.4% from year-end 2020.
Expected to finish 2021 at $16.59.

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Lakeland

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VACANCY

Distribution / Warehousing

Average Vacancy Rate 17.3%

Increased by 170 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2019 at.

RENT

Distribution / Warehousing

Average Asking Rent $5.38

Up 0.7% from year-end 2018.
Fastest rate of increase in six quarters.
Expected to finish 2019 at.

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Miami

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VACANCY

Apartment

Average Vacancy Rate 7.8%

Drifted downward by 20 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2021 at 8.1%.

Distribution / Warehousing

Average Vacancy Rate 7.9%

Declined by 60 basis points.
Expected to finish 2021 at 8.2%.

Flex / R&D

Average Vacancy Rate 3.5%

Lowest in the nation.
Drifted downward by 20 basis points.
Lowest level since year-end 2009.

Office

Average Vacancy Rate 17.7%

Rose by 70 basis points.
Highest level since Q1 1997.
Expected to finish 2021 at 18.7%.

Retail

Average Vacancy Rate 6.7%

Seventh lowest in the nation, and the second in the South Atlantic region, behind only Miami.
Drifted upward by 20 basis points.
Highest level since year-end 2014.

RENT

Apartment

Average Asking Rent $1,602

Down 0.4% from year-end 2020.
Expected to finish 2021 at $1,645.

Distribution / Warehousing

Average Asking Rent $7.84

Up 0.4% from year-end 2020.
Expected to finish 2021 at $8.01.

Flex / R&D

Average Asking Rent $11.72

Up 0.6% from year-end 2020.
Expected to finish 2021 at $11.73.

Office

Average Asking Rent $36.20

Up 0.7% from year-end 2020.
Fastest rate of increase in five quarters.
Has risen in every quarter since Q3 2013.

Retail

Average Asking Rent $29.68

Up 0.3% from year-end 2020.
Expected to finish 2021 at $27.85.

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Orlando

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VACANCY

Apartment

Average Vacancy Rate 6.6%

Drifted upward by 40 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2021 at 6.5%.

Distribution / Warehousing

Average Vacancy Rate 9.9%

Declined by 120 basis points.
Lowest level since Q3 2018.
Expected to finish 2021 at 9.8%.

Flex / R&D

Average Vacancy Rate 6.9%

Sixth lowest in the nation, and the second in the South Atlantic region, behind only Miami.
Drifted downward by 30 basis points.
Expected to finish 2021 at 7.4%.

Office

Average Vacancy Rate 16.4%

Rose by 50 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 17.2%.

Retail

Average Vacancy Rate 10.2%

No change since year-end 2020.
Highest level since Q2 2018.
Expected to finish 2021 at 11.9%.

RENT

Apartment

Average Asking Rent $1,249

Down 0.4% from year-end 2020.
Expected to finish 2021 at $1,280.

Distribution / Warehousing

Average Asking Rent $5.71

Seventh fastest rent growth in the nation, and the second in the South Atlantic region, behind only Augusta.
Fastest rate of increase in six quarters.
Expected to finish 2021 at $5.88.

Flex / R&D

Average Asking Rent $8.66

Up 0.6% from year-end 2020.
Fastest rate of increase in six quarters.
Expected to finish 2021 at $8.70.

Office

Average Asking Rent $24.74

Up 0.2% from year-end 2020.
Has risen in every quarter since Q3 2014.
Expected to finish 2021 at $24.09.

Retail

Average Asking Rent $19.96

Second lowest rent growth in the nation, higher than only Charleston.
Expected to finish 2021 at $18.69.

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Learn more about the Florida markets from one of our professionals.

Palm Beach

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VACANCY

Apartment

Average Vacancy Rate 5.4%

Drifted upward by 10 basis points.
Expected to finish 2021 at 5.9%.

Distribution / Warehousing

Average Vacancy Rate 6.5%

Ninth lowest in the nation and the third lowest in the South Atlantic.
Fell by 50 basis points.
Expected to finish 2021 at 6.7%.

Flex / R&D

Average Vacancy Rate 10.3%

Drifted downward by 20 basis points.
Lowest level since Q1 2019.
Expected to finish 2021 at 11.0%.

Office

Average Vacancy Rate 15.4%

Rose by 70 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 16.7%.

Retail

Average Vacancy Rate 9.9%

Drifted upward by 40 basis points.
Highest level since Q1 2015.
Expected to finish 2021 at 11.0%.

RENT

Apartment

Average Asking Rent $1,576

Seventh fastest rent growth in the nation, and the second in the South Atlantic region, behind only Tampa-St. Petersburg.
Fastest rate of increase in nine quarters.
Expected to finish 2021 at $1,610.

Distribution / Warehousing

Average Asking Rent $7.12

Flat since year-end 2020.
Expected to finish 2021 at $7.28.

Flex / R&D

Average Asking Rent $11.42

Up 0.3% from year-end 2020.
Expected to finish 2021 at $11.47.

Office

Average Asking Rent $31.76

Down 0.7% from year-end 2020.
Expected to finish 2021 at $31.03.

Retail

Average Asking Rent $25.29

Up 0.1% from year-end 2020.
Expected to finish 2021 at $23.39.

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Learn more about the Florida markets from one of our professionals.

Tampa-St. Petersburg

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VACANCY

Apartment

Average Vacancy Rate 4.9%

Drifted upward by 10 basis points.
Highest level since year-end 2013.
Expected to finish 2021 at 5.0%.

Distribution / Warehousing

Average Vacancy Rate 7.5%

Drifted upward by 10 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 7.4%.

Flex / R&D

Average Vacancy Rate 9.0%

Rose by 70 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 8.9%.

Office

Average Vacancy Rate 17.5%

Increased by 60 basis points.
Highest level since Q3 2017.
Expected to finish 2021 at 18.5%.

Retail

Average Vacancy Rate 9.8%

No change since year-end 2020.
Expected to finish 2021 at 11.6%.

RENT

Apartment

Average Asking Rent $1,222

Fastest rent growth in the South Atlantic region, third most rapid in the nation.
Fastest rate of increase in six quarters.
Expected to finish 2021 at $1,257.

Distribution / Warehousing

Average Asking Rent $5.67

Up 0.4% from year-end 2020.
Expected to finish 2021 at $5.81.

Flex / R&D

Average Asking Rent $8.47

Up 0.5% from year-end 2020.
Expected to finish 2021 at $8.49.

Office

Average Asking Rent $25.63

Down 0.1% from year-end 2020.
Expected to finish 2021 at $24.77.

Retail

Average Asking Rent $16.11

Down 0.2% from year-end 2020.
Expected to finish 2021 at $15.01.

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Learn more about the Florida markets from one of our professionals.