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The Downtown submarket has seen the average term increase three years in a row

  • ​The average term for a Class A tenant in Downtown Fort Lauderdale has increased for the third year in a row to 89 months – the highest we have on record. This growth coincided with considerable vacancy decline and asking rent growth. Since the start of 2014 Class A vacancy Downtown has fallen 910 basis points to 10.1 percent and the average asking rent has increased 19.5 percent to $31.69 per square foot (f.s.).

  • In terms of suburban tenants,  the average term has historically remained around the 60 months mark. However in 2017, we saw the average term in three of the four suburban submarkets decline. Plantation was the single submarket to see average term increase in 2017.

  • Overall, the larger tenants tend to sign longer term deals. For example, the average term for tenants under 5,000 square feet in Sawgrass Park was 65 months in 2017, comparably, tenants 20,000 square feet and greater had an average term of 83 months – 27.9 percent longer. ​​

Source: JLL Research

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