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South Florida Cities Rank in Top 15 on NRI

MIAMI-Fort Lauderdale ranked No. 5, West Palm Beach ranked No. 8, and Miami ranked No. 15 on Marcus & Millichap Real Estate Investment Brokerage Co.'s National Retail Index, which was just released.

By Melissa Bogdany | Updated on May 22, 2003

MIAMI-Fort Lauderdale has ranked No. 5 on Marcus & Millichap Real Estate Investment Brokerage Co.’s recently released National Retail Index. West Palm Beach placed at No. 8, and Miami ranked No. 15 on the NRI, which ranks 38 retail markets based on several 12-month forward-looking supply and demand indicators.

Fort Lauderdale dropped one spot, and West Palm Beach fell in the rankings since last year’s NRI, but Miami climbed four spots. West Palm Beach kept a strong ranking because of strong household growth fueling retail demand.

Growth in population will attract retailers to Fort Lauderdale, and retail property values will rise accordingly, the report states. Retail sales were up 4.1% in the past year, and 3.8% growth is expected for this year. Low construction last year and this year, and limited land available for development, make this city a strong market for retail investment.

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