CBRE

FIGURES|BROWARDOFFICE|Q42025

StableOccupancyAmidAccelerating

RentGrowth

18.3%

TotalVacancyRate

Note:Arrowsindicatechangefrompreviousyear.

52,700

SFQuarterlyNetAbsorption

176,500

SFConstruction

▲$27.62

NNN/LeaseRate

OVERVIEW

?Vacancyandavailabilitymetricsremainedlargelyunchangedin2025.

?Averageaskingrentsincreased6.4%yearoveryear,drivenbyClassAassets.

?DowntownFortLauderdaleledrentgrowthfollowingtrophyassetrepricingtiedtoownershipchanges.

?Investmentactivitywasselective,anchoredbylandmarktransactionsalongLasOlasBoulevard.

BrowardCounty’sofficemarketfundamentalsremainedlargelystablethrough2025,withlimitedyear-over-yearmovementacrosskeyvacancyandavailabilitymetrics.Directvacancy,subleasevacancy,andsubleaseavailabilityallremainedwithin20basispointsofQ42024levels.DirectAvailabilityincreasedthemost,rising130basispoints,to21.6%.Withthisoverallstableoccupancy,rentalratescontinuedtorise,withaverage

askingrentsincreasing6.4%year-over-year.RentgrowthwasmostpronouncedinClassAassets,particularlywithinDowntownFortLauderdale,whereseveraltrophybuildingsresetpricingfollowingownershipchangesearlierintheyear.Investmentactivitywasselectivebutmeaningful,highlightedbyseverallandmark

transactionsalongLasOlasBoulevard.

FIGURE1:HistoricalAbsorption,DeliveriesandVacancy

800,000

600,000

400,000

200,000

0(200,000)

(400,000)

(600,000)

(800,000)

(1,000,000)

202020212022202320242025

NetAbsorption(sq.ft.)Deliveries(sq.ft.)TotalVacancyRate(%)

20.0%

16.0%

12.0%

8.0%

4.0%

0.0%

Source:CBRE.com

1CBRERESEARCH?2026CBRE,INC.

FIGURES|BROWARDOFFICE|Q42025

2CBRERESEARCH?2026CBRE,INC.

DEMANDFIGURE2:StatisticalSnapshot

BrowardCountyclosed2025withonlyslightlynegativenetabsorptiontotaling45,100

squarefeet.Leasingactivitywasgeographicallydiverse,withtwoofthefivelargestmove-insoccurringinDowntownFortLauderdaleandtheremainingthreespreadacrossseparatesuburbansubmarkets.Incontrast,threeofthefivelargestmove-outswereconcentratedinWesternBroward;intheSawgrassParkandSouthwestBrowardsubmarkets.Mostlarge

move-outsreflectedtenantdownsizingorconsolidationratherthanfullrelocations.

Healthcare-relatedusersaccountedforthreeofthefivelargestmove-outs,continuingalonger-termtrendofspacereductionstiedtoback-officeandcallcenteroperations.

RENTGROWTH

Askingrentscontinuedtotrendupwardin2025,withcountywideaveragerentsincreasing6.4%yearoveryear.ClassArentsinDowntownFortLauderdalerose9.7%year-over-year,markingthestrongestsingle-quarterincreasesince2018.Thisaccelerationwasdriven

primarilybytrophyassetsthatincreasedaskingrentsfollowingsalescompletedinearly2025.Asaresult,theaveragetrophyaskingrentnowstandsat$56.55persquarefoot.

SUBLEASE

Only51,000squarefeetofnewsubleasespacewasadded,representingthelowest

quarterlytotalofnewadditionsof2025andthesecondlowestsince2020.Atthesametime,approximately112,000squarefeetofsubleasespacewasremovedthroughleasingactivityorwithdrawals.Thisnetreductionreflectscontinueddemandforplug-and-playspaceandlimiteddistressamongtenants.

INVESTMENT

Investmentactivityin2025wasdrivenbyasmallnumberofhigh-profileClassA

transactions.Themostnotabletransactionswerethesalesof350/450,and401EastLasOlasBoulevard.Thecombinedsaleof350and450EastLasOlasclosedat$208million,or$442persquarefoot,while401EastLasOlassoldfor$221million,or$538persquarefoot.ThesesalesrepresentthetwolargestofficetransactionsinBrowardCountyinnearlya

decade,andunderscorecontinuedinvestordemandforinstitutional-qualityassets.

Submarket

Total

Inventory

(SqFt.)

Direct

Vacancy

(%)

Total

Vacancy

(%)

Q42025Net

Absorption

(Sq.Ft)

YTDNet

Absorption

(Sq.Ft)

Under

Construction

(SqFt)

AvgAsking

LeaseRate

($/NNN)

CypressCreek

5,476,000

15.4%

16.2%

6,900

21,700

-

$22.09

FortLauderdaleCBD

4,851,100

17.0%

17.9%

76,400

39,100

176,500

$40.67

NEBroward

1,364,700

16.5%

17.1%

(8,400)

19,900

-

$23.10

NWBroward

844,200

14.8%

21.1%

(8,400)

(20,800)

-

$23.62

Plantation

3,474,500

12.8%

12.9%

17,500

(25,000)

-

$26.49

SawgrassPark

2,924,900

23.3%

25.3%

(21,900)

(36,900)

-

$23.07

SEBroward

2,531,400

19.1%

21.4%

(3,300)

17,100

-

$25.39

SWBroward

2,883,300

15.2%

19.1%

(6,300)

(60,200)

-

$25.52

SuburbanTotal

19,499,000

166%

184%

(23,700)

(84,200)

$23.96

Total

24,350,100

167%

183%

52,700

(45,100)

176,500

$27.62

FIGURE3:ClassAFortLauderdaleCBDStatisticalSnapshot

Submarket

Total

Inventory

(SqFt)

Direct

Vacancy

(%)

Total

Vacancy

(%)

Q42025Net

Absorption

(SqFt)

YTDNet

Absorption

(SqFt)

Under

Construction

(SqFt)

AvgAsking

LeaseRate

($/NNN)

Trophy*

1,751,500

14.3%

15.5%

(800)

(700)

-

$56.55

ClassA

2,697,800

19.7%

20.5%

72,000

90,200

179,900

$34.27

FTLCBD

4,449,300

176%

18.5%

71,300

62,100

176,500

$41.64

Note:AllspacesatTheMainhavebeenmarkedasfullyoccupiedasofQ12024.

FIGURES|BROWARDOFFICE|Q42025

3CBRERESEARCH?2026CBRE,INC.

FIGURE5:ClassBStatisticalSnapshot

Submarket

Total

Inventory

(Sq.Ft)

Direct

Vacancy

(%)

Total

Vacancy

(%)

Q42025

Net

Absorption

(Sq.Ft)

YTDNet

Absorption

(SqFt)

Under

Construction

(SqFt.)

Avg

Asking

Lease

Rate

($/NNN)

Cypress

Creek

3,085,80012.3%13.5%5,800(1,200)-$18.55

FTLCBD401,70010.5%11.5%5,100(23,000)-$27.96

NEBroward1,135,70014.5%15.2%(8,400)29,300-$22.04

NWBroward412,90017.3%21.8%(16,100)(15,300)-$19.75

Plantation1,212,00017.6%17.6%(2,200)300-$22.21

Sawgrass

Park

1,133,80027.7%27.9%(21,300)(46,000)-$21.18

SEBroward1,515,80019.1%21.1%(1,900)3,600-$24.78

SWBroward445,60023.7%26.2%900(11,600)-$25.47

Suburban

Total

8,941,500172%184%(43,100)(40,900)$21.39

Total9,343,300169%181%(38,000)(63,900)$21.69

FIGURE4:ClassAStatisticalSnapshot

Submarket

Total

Inventory

(Sq.Ft)

Direct

Vacancy

(%)

Total

Vacancy

(%)

Q42025

Net

Absorption

(Sq.Ft)

YTDNet

Absorption

(Sq.Ft)

Under

Construction

(Sq.Ft)

Avg.

Asking

Lease

Rate

($/NNN)

CypressCreek2,390,30019.4%19.6%1,10022,900-$24.99

FTLCBD4,449,30017.6%18.5%71,30062,100176,500$41.64

NEBroward229,00026.7%26.7%-(9,400)-$25.45

NWBroward431,30012.3%20.3%7,800(5,500)-$27.67

Plantation2,262,50010.2%10.3%19,700(25,300)-$29.35

SawgrassPark1,791,00020.4%23.7%(600)9,100-$24.35

SEBroward1,015,60019.1%21.9%(1,400)13,500-$27.39

SWBroward2,437,80013.7%17.8%(7,200)(48,600)-$25.53

Suburban

Total

10,557,500161%183%19,400(43,300)$25.80

Total15,006,800166%184%90,70018,800176,500$30.69

FIGURES|BROWARDOFFICE|Q42025

MarketAreaOverview

ECONOMICOUTLOOK

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,

particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcreditmarketsarehelpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.Consumerconfidenceremainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.Thismosaicofdatasuggests

thatannualaverageGDPgrowthwillbesteadyin2026,at2%,butatouchsofterthanin2025.Akey

catalystisasofterlabormarket,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofterinflationandlong-termbondyieldstrendingjust

below4%byH22026.

Contact

GianRodriguez

SeniorManagingDirector

gian.rodriguez@

MarcL.Miller

ResearchDirector

ler1@

IlyssaEttelman

ResearchManager

Ilyssa.ettelman@

ElliottKramer

ResearchAnalyst

elliott.kramer@

SurveyCriteria:IncludesallcompetitiveClassAandClassBofficebuildings

30,000sq.ft.andgreaterinsizeinBroward