Q3 2026 | South Florida Market Research
Berger Commercial Realty has released its Q3 2026 South Florida commercial real estate market reports, providing an in-depth analysis of industrial and office market conditions across Broward County and Palm Beach County, Florida.
The quarterly research examines vacancy rates, asking rents, net absorption, leasing activity, new construction deliveries and notable commercial real estate transactions. The reports provide property owners, investors, landlords, tenants and business leaders with data to better understand the South Florida commercial property market.
During the third quarter of 2026, industrial demand rebounded in both counties. However, differences in new construction activity contributed to contrasting vacancy trends. Meanwhile, office markets recorded modest occupancy declines as asking rents remained elevated.
Explore the four Q3 2026 market reports below, including detailed quarterly data and analysis of industrial and office properties throughout Broward and Palm Beach counties.
Q3 2026 South Florida Commercial Real Estate Market Reports
Download Berger Commercial Realty's latest industrial and office market reports to review rental trends, vacancy rates, supply and demand, leasing activity and significant commercial property transactions.
Broward County | Industrial
Broward County Industrial Market Report – Q3 2026
Broward County's industrial market recorded a significant rebound in tenant demand during Q3 2026, with 435,777 square feet of positive direct net absorption. Demand exceeded new construction deliveries, reducing direct vacancy to 6.6%.
Average industrial asking rents increased to $17.56 per square foot NNN, representing a 3.2% increase year over year.
7-page quarterly market report
Broward County | Office
Broward County Office Market Report – Q3 2026
Broward County's office market experienced softer direct tenant demand during Q3 2026, recording negative 117,613 square feet of direct net absorption. Direct vacancy increased to 10.4% as occupancy declined modestly.
Despite weaker demand, office asking rents increased to $42.67 per square foot full service, up 6.5% from the same quarter in 2025.
7-page quarterly market report
Palm Beach County | Industrial
Palm Beach County Industrial Market Report – Q3 2026
Palm Beach County's industrial market experienced a strong rebound in demand, recording 517,067 square feet of positive direct net absorption during Q3 2026.
However, the delivery of 816,329 square feet of new industrial space exceeded absorption, contributing to an increase in direct vacancy to 8.4%. Average asking rents climbed to $16.14 per square foot NNN.
7-page quarterly market report
Palm Beach County | Office
Palm Beach County Office Market Report – Q3 2026
Palm Beach County's office market recorded a modest occupancy decline following a strong second quarter. Direct net absorption totaled negative 28,273 square feet during Q3 2026.
Leasing activity increased approximately 25% from Q2 to 1.05 million square feet, while direct vacancy remained below year-ago levels at 7.6%. Average office asking rents held near historic highs at $52.53 per square foot full service.
7-page quarterly market report
South Florida Commercial Real Estate Market Overview – Q3 2026
Commercial real estate conditions throughout Broward and Palm Beach counties continued to reflect differences in tenant demand, construction activity, available inventory and rental pricing.
Industrial markets experienced renewed occupancy growth, although significant new construction in Palm Beach County contributed to higher vacancy. Office markets recorded more subdued demand while asking rents generally remained resilient.
Industrial Market Trends: Demand Rebounds in Both Counties
Broward County's industrial market posted its strongest quarter of direct net absorption since Q4 2022, recording 435,777 square feet of positive absorption. Demand exceeded the quarter's 369,608 square feet of deliveries, helping direct vacancy decline from 6.7% to 6.6%.
Industrial asking rents reached $17.56 per square foot NNN, up 3.2% year over year, marking the fifth consecutive quarterly increase. Leasing activity totaled approximately 1.24 million square feet, although that represented a decline from Q2.
Palm Beach County's industrial market also recorded a meaningful improvement in tenant demand, with 517,067 square feet of positive direct net absorption, its strongest quarter since Q3 2024.
Unlike Broward County, Palm Beach County experienced a substantial wave of new supply. Ten buildings totaling 816,329 square feet were delivered, exceeding quarterly absorption by approximately 299,000 square feet.
Direct vacancy increased to 8.4%, while average industrial asking rents rose 5.2% quarter over quarter to $16.14 per square foot NNN.
Industrial Market Takeaway: Both counties recorded stronger industrial occupancy during Q3 2026. However, construction deliveries played a significant role in determining vacancy trends, underscoring the importance of evaluating supply and demand together.
Office Market Trends: Asking Rents Remain Resilient
Broward County's office market recorded negative 117,613 square feet of direct net absorption in Q3 2026, reversing the modest gain recorded during the previous quarter.
Direct vacancy increased to 10.4%, while total vacancy, including sublease space, remained at 11.5%. No new office inventory was delivered during the quarter.
Despite softer occupancy, average asking rents climbed to $42.67 per square foot full service, representing a 6.5% increase year over year.
Palm Beach County's office market experienced a smaller occupancy decline, posting negative 28,273 square feet of direct net absorption. However, quarterly leasing activity increased approximately 25% to 1.05 million square feet.
Direct vacancy reached 7.6%, remaining 80 basis points below its Q3 2025 level. Average asking rents were $52.53 per square foot full service, down slightly from Q2 but 13.9% higher than one year earlier.
Office Market Takeaway: Office demand softened modestly in both counties, but asking rents remained elevated. Limited construction activity and changes in tenant demand continue to shape the office market outlook.
Q3 2026 Broward and Palm Beach Commercial Real Estate Market Comparison
The following table compares key industrial and office market statistics across Broward and Palm Beach counties during Q3 2026.
| Market | Direct Vacancy | Asking Rent / SF | Direct Net Absorption | Deliveries |
|---|---|---|---|---|
| Broward Industrial | 6.6% | $17.56 NNN | +435,777 SF | 369,608 SF |
| Broward Office | 10.4% | $42.67 Full Service | -117,613 SF | 0 SF |
| Palm Beach Industrial | 8.4% | $16.14 NNN | +517,067 SF | 816,329 SF |
| Palm Beach Office | 7.6% | $52.53 Full Service | -28,273 SF | 6,500 SF |
Industrial asking rents are quoted on a triple-net (NNN) basis. Office asking rents are quoted on a full-service basis. Rental rates are annual dollars per square foot. Vacancy and net absorption figures reflect direct space.
What Do Q3 2026 Market Conditions Mean for South Florida Property Owners and Investors?
Quarterly commercial real estate market data provides an important benchmark for assessing property performance, investment opportunities and leasing strategies.
For Commercial Property Owners and Landlords
Property owners should evaluate their assets against competing buildings, current asking rents, vacancy trends, recent leasing activity and construction deliveries.
While marketwide averages provide useful guidance, individual property performance depends on factors such as location, building condition, property specifications and lease structure.
For Commercial Real Estate Investors
Industrial investors should consider the relationship between positive net absorption and new construction, particularly in markets where deliveries continue to outpace occupancy growth.
Office investors should assess rental performance alongside tenant demand, operating expenses, vacancy and lease expiration schedules.
For Businesses Leasing Industrial or Office Space
Businesses considering commercial space in South Florida should evaluate rental rates, available inventory, lease terms and total occupancy costs.
Countywide data provides a starting point, but specific submarkets and property types may offer different conditions and opportunities.
Frequently Asked Questions About the Q3 2026 South Florida Commercial Real Estate Market
What was the Broward County industrial vacancy rate in Q3 2026?
Broward County's direct industrial vacancy rate was 6.6% in Q3 2026, down from 6.7% in Q2. The market recorded 435,777 square feet of positive direct net absorption.
What was the Palm Beach County industrial vacancy rate in Q3 2026?
Palm Beach County's direct industrial vacancy rate was 8.4% in Q3 2026, up from 8.0% in Q2. New construction deliveries exceeded quarterly direct net absorption.
What were average industrial asking rents in Broward and Palm Beach counties?
In Q3 2026, average direct industrial asking rents were $17.56 per square foot NNN in Broward County and $16.14 per square foot NNN in Palm Beach County.
What were average office asking rents in South Florida during Q3 2026?
Broward County office asking rents averaged $42.67 per square foot full service, while Palm Beach County office asking rents averaged $52.53 per square foot full service.
How did industrial net absorption perform during Q3 2026?
Industrial direct net absorption was positive in both counties. Broward County recorded 435,777 square feet, while Palm Beach County recorded 517,067 square feet.
Where can I download South Florida commercial real estate market reports?
Berger Commercial Realty's quarterly industrial and office market reports for Broward and Palm Beach counties are available as downloadable PDF documents in the Q3 2026 market report directory above.
About Berger Commercial Realty's Quarterly Market Research
Founded in 1998, Berger Commercial Realty is a South Florida commercial real estate brokerage and property management firm serving property owners, investors, landlords and tenants throughout Broward, Palm Beach and Miami-Dade counties.
Berger Commercial Realty's quarterly market research examines regional industrial and office property performance, including vacancy, rental rates, net absorption, construction activity, leasing trends and notable transactions.
Data for the Q3 2026 reports was provided by CoStar Group. Prior-quarter figures reflect CoStar revisions as of October 6, 2026.
Commercial Real Estate Expertise Throughout South Florida
Berger Commercial Realty provides commercial brokerage, leasing and property management services to owners, investors, landlords and tenants across South Florida.