March 7, 2024
We're excited to share our latest Downtown Fort Lauderdale market report. This update showcases how our city is powering South Florida’s economy and defying national office trends.
Here are some of the top takeaways.
Return to Office
Alan Kennedy, Managing Director, Southeast Region for Hines credits Fort Lauderdale's strong return to work movement to the city's rise as a premier 18-hour city.
“Fort Lauderdale has proven itself to be a premier destination for high-quality businesses and talent especially as we continue to see high rates of employees returning to the office. Downtown Fort Lauderdale’s transition to an 18/7 city also provides the amenities and living options for those firms and their workers who want to benefit from a more urban location.”
Downtown Fort Lauderdale is the sole city, in comparison with Atlanta, Austin, Charlotte, and Dallas, with declining office vacancy since the peak of the pandemic.
Connectivity is driving downtown’s success with 88% of Downtown Fort Lauderdale employees living within 5-miles of their workplace back at the office compared to 57% in Tampa and 45% in Austin.
Economic Growth
Stiles CEO Ken Stiles credits downtown's economic growth to our city's maturation into a dynamic destination to live and work.
“Downtown Fort Lauderdale offers world-class office buildings, luxury living, a nightlife and entertainment scene that is second to none, and easy access to the airport and high-speed rail — all within walking distance. That’s a great package for attracting a strong talent base and top-quality companies to our downtown.”
Downtown Fort Lauderdale is driving South Florida's economic growth with a 20% increase in economic output since 2019, outpacing GDP growth in the Nashville and Tampa metro areas.
Fort Lauderdale now has a strong concentration of high wage employment based downtown, outperforming Tampa, Nashville, and Austin.
At 2.2 square miles, Downtown Fort Lauderdale makes up just 6% of the city's land mass but is home to 44% of all professional services jobs, 47% of finance employment, and 68% of all law jobs citywide.
An Emerging Talent Hub
RSM Fort Lauderdale Office Leader & Principal Tansy Jefferies believes that downtown is now a preferred destination for talent compared to previous years.
“Our Downtown Fort Lauderdale location not only enables us to attract top talent in South Florida but also from the campuses of top universities. Fort Lauderdale is now on the map for young talent drawn to a vibrant urban lifestyle.”
Downtown's residential growth showcases an unprecedented concentration of talent in Broward’s urban core. Half of residents are now between 25 and 44, exceeding downtowns like Austin, Tampa, and Atlanta.
62% of downtown residents hold a bachelor's degree or higher, outperforming downtowns in Tampa and Atlanta.
The full report is available to review at ddaftl.org/officereport.