2020 Industrial Market Report BROWARD Q2 2020

BROWARD COUNTY MARKET OVERVIEW

Port Everglades’ total value of economic activity at Port Everglades is nearly $34 billion . And, 231,579 Florida jobs are impacted by the Port, including 13,127 people who work for companies that provide direct services to the port.

Port Everglades Long recognized as the world’s second busiest cruise port, Port Everglades has rapidly established itself as one of the world’s premier cargo ports. It is a leading container port in Florida and among the most active cargo ports in the United States. And, Port Everglades is South Florida’s main seaport for receiving petroleum products including, gasoline and jet fuel. A foreign-trade zone and available office space inside the Port’s secure area make Port Everglades a highly desirable business center for world trade and the perfect hub and the point of entry for companies that conduct business in Central and South America, the Caribbean, Europe, and now, even the Far East. The Port Everglades Department is a self-supporting Enterprise Fund of Broward County government. It does not rely on local tax dollars for operations or capital improvements. The port is part of a thriving global transportation network that counts among its attributes: • A favorable location less that one mile from the Atlantic Shipping Lane • Direct access to multi-modal inland links through Florida’s interstate and highway systems • An FEC rail hub within two miles • A thriving international airport (FLL) within one mile • The Port’s location makes it extremely attractive for imports and exports – more than $18 billion annually Serving more than 150 ports and 70 countries, Port Everglades is the nation’s deepest commercial port south of Norfolk, Virginia. Fort Lauderdale/Hollywood International Airport Over 741 international and domestic flights arrive and depart daily at the Fort Lauderdale/Hollywood International Airport (FLL). It is one of the nation’s fastest-growing airports and offers nonstop service to more than 125 U.S. cities and flights to Canada, Bahamas, the Caribbean, Mexico, Latin America, and Europe. There are also 100 private flights. Each day over 73,000 travelers pass through the four terminals at FLL. Airports Council International data listed FLL as the fourth fastest- growing airport, with total traffic up 9.4 percent (behind Seattle, Washington Reagan, and Chicago O’Hare, respectively). Domestic traffic was up close to 7.3 percent and international traffic increased by 18 percent. The airport is conveniently located three miles from downtown Fort Lauderdale with easy access to I-95, I-595 and Port Everglades.

3,870,342 CRUISE PASSENGERS

1,108,465 CARGO TEU

$34B ECONOMIC IMPACT

231,579 JOB

Source: Porteverglades.net 2018 statisitics

2020 started out as predicted, in a big way. Low vacancy, strong rents, strong demand across the industrial spectrum. Then Covid. Interestingly while yet the overall demand slowed in some industrial categories others skyrocketed. South Florida remains a focal point for institutional investors and developers. Developable land is still scarce, vacancy still low, and while there may be a slight downward adjustment To the rental rates, all indicators still point to a fairly strong finish in 2020. Even the housing market has remained strong with low inventory and the lowest interest rates we have ever seen. This demand continues to fuel the industrial sector. Once past the Covid crisis the outlook for South Florida Industrial looks even more promising than last year. - Rick Etner

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INDUSTRIAL MARKET REPORT | 9