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Broward County Retail Demand Exceeds Availability

FORT LAUDERDALE, FL-A population explosion combines with a scarcity of land to create "excellent market conditions" for retail throughout the county well into 2007, according to a report from the local office of CB Richard Ellis.

By Marita Thomas | Updated on October 28, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

FORT LAUDERDALE, FL-Demand for retail space is outpacing supply in Broward County, a trend that is likely to continue into 2007, according to a new report from the local office of CB Richard Ellis. The overall retail vacancy dropped to 4.7% as all submarkets experienced strong positive absorption. The vacancy rate does not include leases committed but not yet signed. Asking lease rates rose to an average of $18.12 per sf countywide and to $21.04 per sf in Southeast Broward.

“Lesser quality tenants are being turned away in favor of well-established businesses seeking prime locations,” CBRE analysts report. The condition is a consequence of a population explosion and increased tourism, which combine with a scarcity of land. In addition, “the thirst for luxury goods continues to rise,” according to the report, “due to the multicultural makeup of South Florida and the amount of money flowing into the area.” It says luxury sales are up an average of 6.9% and tourism-related spending alone in 2004 added $56.6 billion to the state’s economy.

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