South Florida Retail Report

BROWARD RETAIL MARKET

Broward’s retail vacancy hit 5.3% in 2020, a 5-year high, due to many permanent store closings. Since the start of 2021, the vacancy rate dropped by 30 basis points each quarter. Asking rates remained steady over the last 2 years between $23.00-$24.00 per square foot. A main driver for broward county’s retail market is the growth in residential population. Over 5,100 multifamily units absorbed in 2020, the most in the three counties of South Florida as well as in the last 10 years. The influx of people moving to Broward county was a factor in revitalizing the retail market.

Quick Stats

Inventory: 110 MSF Average Asking Rate: $24.20/NNN Vacancy Rate: 4.5% Under Construction: 467,053 SF

Source : Costar

Key Areas/Developments

Key Areas/Developments Dania Beach

Dania Beach is set between the city of Hollywood and Downtown Fort Lauderdale and is touted as Broward’s first incorporated city. The area is known for its marine activities with major stores such as Bass Pro Shops and Diver’s Direct. Recent attractions stem from Dania Pointe, a premier mixed-used development with nearly 1.0 msf of retail as well as Class A office, hotels, luxury apartments, and public event spaces. Notable retail shops and restaurants include: Urban Outfitters, Brandmart USA, Burger Fi, Five Below, Hobby Lobby, Outback Steakhouse, and Toojay’s. FAT Village FAT Village stands for Flagler Arts and Technology Village. It is Fort Lauderdale’s only Urban Arts District and it will undergo redevelopment on both sides of NW 1st Avenue just south of Sistrunk. The West side of the project will contain 150,000 sf of office space and 125 affordable housing units. The East side portion of the project will contain 307 market-rate residential units, a parking garage, and hotel. Retail and art will be a prominent feature throughout FAT Village. Sawgrass Mills Located in West Broward, Sawgrass Mills is the nations largest single story mall at over 2.3 million square feet. The mall is locally known as a major tourist destination for cruise visitors. It has over 350 retail stores as well as many dining and hotel options.

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