Marcus & Millichap

Fort Lauderdale Retail Investment Forecast

Broward County, 2017 Outlook

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Investors Rush to Broward County To Acquire New Wave of Shopping Centers

Positive retail performance spurs greater interest from developers. Strong job growth and household formation, coupled with an expanding tourism industry, present a favorable environment for Broward County retailers in 2017. With consumer spending on the rise, retailers are rapidly leasing available space across the county, accounting for a sharp drop in the vacancy rate last year. To feed the market’s growing demand for quality space, more projects are in the pipeline after several periods of subdued construction. Some of the largest developments in the works include the roughly 1 million-square-foot Dania Pointe and the redevelopment of the Plantation Fashion Mall, totaling 200,000 square feet. Both of these projects incorporate residential and office components, a growing trend among upcoming shopping centers. This year’s deliveries are composed of smaller shopping centers, with the greatest influx of new space coming to Southwest Broward, one of the fastest-growing areas of the market. Broward County’s robust economic momentum will extend through 2017, supporting another banner year for owners as rents are set to climb for the sixth straight year.

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