Insights

Florida

BACK TO INSIGHTS

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

Learn more about the Florida markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 5.8%

Drifted upward by 40 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2020 at 8.1%.

Distribution / Warehousing

Average Vacancy Rate 9.7%

Drifted downward by 20 basis points.
Expected to finish 2020 at 11.5%.

Flex / R&D

Average Vacancy Rate 7.5%

Tenth lowest in the nation and the fifth lowest in the South Atlantic.
Drifted downward by 30 basis points.
Expected to finish 2020 at 9.2%.

Office

Average Vacancy Rate 16.5%

Drifted downward by 10 basis points.
Lowest level since Q1 2009.
Expected to finish 2020 at 19.3%.

Retail

Average Vacancy Rate 8.5%

Drifted upward by 20 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 11.2%.

RENT

Apartment

Average Asking Rent $1,607

Down 1.0% from Q1 2020.
Expected to finish 2020 at $1,570.

Distribution / Warehousing

Average Asking Rent $7.58

Up 0.3% from Q1 2020.
Has risen in every quarter since Q1 2014.
Expected to finish 2020 at $7.07.

Flex / R&D

Average Asking Rent $10.16

Up 0.3% from Q1 2020.
Has risen in every quarter since Q1 2014.
Expected to finish 2020 at $9.55.

Office

Average Asking Rent $29.23

Flat since Q1 2020.
Expected to finish 2020 at $28.13.

Retail

Average Asking Rent $21.63

Down 0.5% from Q1 2020.
Expected to finish 2020 at $19.60.

Learn more about the Florida markets from one of our professionals

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

Fort Myers

Learn more about the Florida markets from one of our professionals

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.

Learn more about the Florida markets from one of our professionals

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

Jacksonville

Learn more about the Florida markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 5.0%

No change since Q1 2020.
Expected to finish 2020 at 7.6%.

Distribution / Warehousing

Average Vacancy Rate 11.8%

Has risen for six consecutive quarters.
Highest level since Q1 2017.
Expected to finish 2020 at 12.4%.

Flex / R&D

Average Vacancy Rate 7.2%

Ninth lowest in the nation and the fourth lowest in the South Atlantic.
Rose by 80 basis points.
Highest level since year-end 2017.

Office

Average Vacancy Rate 21.9%

No change since Q1 2020.
Among the 20 highest vacancies nationally.
Expected to finish 2020 at 24.3%.

Retail

Average Vacancy Rate 11.1%

No change since Q1 2020.
Expected to finish 2020 at 13.4%.

RENT

Apartment

Average Asking Rent $1,078

Down 0.1% from Q1 2020.
Expected to finish 2020 at $1,052.

Distribution / Warehousing

Average Asking Rent $4.22

Flat since Q1 2020.
Expected to finish 2020 at $4.01.

Flex / R&D

Average Asking Rent $8.43

Down 0.4% from Q1 2020.
Expected to finish 2020 at $8.05.

Office

Average Asking Rent $20.06

Down 0.1% from Q1 2020.
Expected to finish 2020 at $19.51.

Retail

Average Asking Rent $16.87

Down 0.5% from Q1 2020.
Expected to finish 2020 at $16.17.

Learn more about the Florida markets from one of our professionals

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

Lakeland

Learn more about the Florida markets from one of our professionals

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.

Learn more about the Florida markets from one of our professionals

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

Miami

Learn more about the Florida markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 6.6%

Rose by 50 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2020 at 8.6%.

Distribution / Warehousing

Average Vacancy Rate 7.8%

Declined by 90 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 10.0%.

Flex / R&D

Average Vacancy Rate 3.8%

Lowest in the nation.
Declined by 50 basis points.
Lowest level since Q1 2018.

Office

Average Vacancy Rate 16.1%

Drifted upward by 10 basis points.
Expected to finish 2020 at 18.9%.

Retail

Average Vacancy Rate 6.1%

Fifth lowest in the nation, and the second in the South Atlantic region, behind only Suburban Virginia.
Drifted downward by 20 basis points.
Expected to finish 2020 at 8.1%.

RENT

Apartment

Average Asking Rent $1,657

Down 1.0% from Q1 2020.
Expected to finish 2020 at $1,599.

Distribution / Warehousing

Average Asking Rent $7.74

Flat since Q1 2020.
Expected to finish 2020 at $7.32.

Flex / R&D

Average Asking Rent $11.55

Up 0.3% from Q1 2020.
Expected to finish 2020 at $10.85.

Office

Average Asking Rent $35.69

Up 0.5% from Q1 2020.
Has risen in every quarter since Q3 2013.
Expected to finish 2020 at $34.69.

Retail

Average Asking Rent $29.57

Down 0.4% from Q1 2020.
Expected to finish 2020 at $26.96.

Learn more about the Florida markets from one of our professionals

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

Orlando

Learn more about the Florida markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 6.1%

Drifted upward by 30 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2020 at 7.9%.

Distribution / Warehousing

Average Vacancy Rate 11.9%

Drifted downward by 30 basis points.
Expected to finish 2020 at 13.2%.

Flex / R&D

Average Vacancy Rate 8.1%

Increased by 120 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 9.0%.

Office

Average Vacancy Rate 15.4%

Increased by 90 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 16.9%.

Retail

Average Vacancy Rate 9.6%

Drifted upward by 40 basis points.
Expected to finish 2020 at 12.8%.

RENT

Apartment

Average Asking Rent $1,303

Down 0.4% from Q1 2020.
Expected to finish 2020 at $1,269.

Distribution / Warehousing

Average Asking Rent $5.59

Down 0.2% from Q1 2020.
Expected to finish 2020 at $5.32.

Flex / R&D

Average Asking Rent $8.61

Up 0.3% from Q1 2020.
Expected to finish 2020 at $8.12.

Office

Average Asking Rent $24.38

Up 0.1% from Q1 2020.
Has risen in every quarter since Q3 2014.
Expected to finish 2020 at $23.40.

Retail

Average Asking Rent $20.51

Down 0.5% from Q1 2020.
Expected to finish 2020 at $18.09.

Learn more about the Florida markets from one of our professionals

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

Palm Beach

Learn more about the Florida markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 5.1%

Drifted downward by 10 basis points.
Lowest level since Q2 2017.
Expected to finish 2020 at 7.0%.

Distribution / Warehousing

Average Vacancy Rate 5.7%

Seventh lowest in the nation and the third lowest in the South Atlantic.
Drifted downward by 20 basis points.
Expected to finish 2020 at 7.5%.

Flex / R&D

Average Vacancy Rate 11.1%

Drifted upward by 30 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2020 at 13.0%.

Office

Average Vacancy Rate 14.4%

Drifted downward by 30 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 16.4%.

Retail

Average Vacancy Rate 8.7%

No change since Q1 2020.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 10.9%.

RENT

Apartment

Average Asking Rent $1,588

Second lowest rent growth in the nation, higher than only San Francisco.
Expected to finish 2020 at $1,545.

Distribution / Warehousing

Average Asking Rent $6.96

Down 0.1% from Q1 2020.
Expected to finish 2020 at $6.50.

Flex / R&D

Average Asking Rent $11.26

Down 0.2% from Q1 2020.
Expected to finish 2020 at $10.33.

Office

Average Asking Rent $31.76

Down 0.2% from Q1 2020.
Expected to finish 2020 at $30.48.

Retail

Average Asking Rent $25.23

Down 0.4% from Q1 2020.
Expected to finish 2020 at $22.43.

Learn more about the Florida markets from one of our professionals

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

Tampa-St. Petersburg

Learn more about the Florida markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 4.8%

Drifted upward by 10 basis points.
Expected to finish 2020 at 6.6%.

Distribution / Warehousing

Average Vacancy Rate 8.0%

Drifted downward by 20 basis points.
Lowest level since Q2 2018.
Expected to finish 2020 at 9.6%.

Flex / R&D

Average Vacancy Rate 9.1%

Increased by 120 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 10.9%.

Office

Average Vacancy Rate 16.4%

No change since Q1 2020.
Expected to finish 2020 at 18.2%.

Retail

Average Vacancy Rate 9.5%

Drifted upward by 10 basis points.
Expected to finish 2020 at 12.1%.

RENT

Apartment

Average Asking Rent $1,195

Flat since Q1 2020.
Expected to finish 2020 at $1,159.

Distribution / Warehousing

Average Asking Rent $5.63

Up 0.4% from Q1 2020.
Expected to finish 2020 at $5.37.

Flex / R&D

Average Asking Rent $8.43

Up 0.4% from Q1 2020.
Expected to finish 2020 at $8.02.

Office

Average Asking Rent $25.48

Fourth fastest rent growth in the nation, and the second in the South Atlantic region, behind only Suburban Virginia.
Has risen in every quarter since Q3 2012.
Expected to finish 2020 at $24.42.

Retail

Average Asking Rent $16.08

Down 0.4% from Q1 2020.
Expected to finish 2020 at $14.38.

Learn more about the Florida markets from one of our professionals

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