January 9, 2024
The beginning of the year is a time for new goals and new beginnings. This is a moment to reflect and look ahead as we continue to work towards building a world-class city.
In this spirit, here are the top 24 data points defining Downtown Fort Lauderdale:
Economic Impact
Downtown Fort Lauderdale has a $35.7 billion annual economic impact, a $6 billion increase from 2019 levels. This is equivalent to 29% of Countywide GDP and 9% of South Florida’s economic output.
DowntownFTL’s economic output has increased by 20% since 2019 compared to a 12% increase for the entire South Florida region.
DowntownFTL properties generate $138 million in real estate taxes to local governments, a 3X increase from 10 years ago.
DowntownFTL, at 2.2 square miles, makes up just 6% of the City of Fort Lauderdale but has 13% of the city's population, 20% of the city's total assessed property value, and 32% of the city’s total employment.
Population Growth
DowntownFTL has more than 26,000 residents, a 63% increase since 2018, and a 92% increase since 2010.
Since the start of the pandemic, the DowntownFTL population (+39%) has increased faster than the downtowns in Nashville (+22%), Austin (+16%) and Tampa (+12%).
62% of DowntownFTL residents (aged 25+) have a bachelor’s degree or higher compared to about 37% across the South Florida region.
44% of DowntownFTL residents are between the ages of 25 and 44, outperforming downtowns such as Austin and Tampa.
Since 2018 there has been an 85% increase in kids and families living in DowntownFTL.
Downtown Development
DowntownFTL has built more apartments than Downtown Miami, Downtown Tampa, Downtown Orlando, and Downtown West Palm Beach since 2018.
DowntownFTL has built more apartments over the past 5 years than Downtown Austin and Downtown Atlanta combined.
48+ real estate development projects are in the pipeline, adding more than 18,000 units to the urban core.
Office, Employment, and Return to Work
DowntownFTL is home to over 5,800 total businesses supporting over 65K employees.
45% of DowntownFTL’s employment is in high wage sectors compared to 13% in leisure, tourism, retail, and entertainment.
More than 70% of DowntownFTL office workers are back at the office compared to pre-pandemic levels, 15-points better than the national average.
88% of downtown employees that commute within 5-miles of their job are back in-person compared to pre-pandemic levels.
DowntownFTL has an office vacancy rate of 12.8%, an 8-point decline from the pandemic high of 21%.
Livability
Fort Lauderdale was named by ULI and PwC as a top 18-hour city alongside Charlotte, Denver, and San Diego.
The City of Fort Lauderdale and its partners are investing over $350 million in public spaces.
Fort Lauderdale was ranked by Rent.com as the top city in South Florida for remote work.
Tourism and Retail
Tourists visited downtown in 2023 at a rate 83% higher than pre-pandemic levels.
DowntownFTL’s hotel room inventory increased by 290% over the last 5 years.
DowntownFTL’s retail vacancy rate is at a 10 year low of 3.1%
Las Olas has 5 million annual visits, a 30% increase since 2017 and a 10% increase YOY.