October 25, 2022
Dive into the latest data and trends impacting the DowntownFTL office environment in the
Working in DowntownFTL: Office Market Report
The Big Idea:
Downtown Fort Lauderdale is evolving as a city ready for the post-pandemic future of work. Traditional offices in DowntownFTL are now competing with unique amenities in new residential developments and co-working sites, blending the line between living and working.
By The Numbers:
New downtown businesses are emerging at a rapid pace, increasing by nine percent since June 2021, signaling a strong post-pandemic recovery.
Fifty eight percent of downtown residents over the age of 25 have a bachelor’s degree or higher, an 11 point rise since 2018.
Before the pandemic, Downtown Fort Lauderdale was among national leaders of residents working remotely. In 2019, 17 percent of DowntownFTL residents worked remotely, double the rate experienced in Downtown Miami, Washington D.C., and New York City.
Rental rates for Class-A buildings have continued the upward climb to $50.92 per square foot in the second quarter of 2022, a five-year increase of 35 percent.
The average price per square foot to rent in a Class-A building in Downtown Fort Lauderdale is about 25 percent lower than the rental rates in Downtown Miami and Downtown West Palm Beach
Why This Matters For DowntownFTL:
New employers are attracted to the growing residential density of Downtown Fort Lauderdale. The emergence of a young professional and family-oriented talent base is sustaining existing industries and supporting the growth of new sectors.
Dive deeper into the report at www.ddaftl.org/officereport.
In Case You Missed It:
Check out the latest from The Pulse on DowntownFTL video series highlighting the evolution of DowntownFTL’s work environment, talent base, and so much more.