Fort Lauderdale Retail Investment Forecast
Broward County Awaits Greater Performance With Stronger Return of Tourism;
Outside Investors Active
Fort Lauderdale aims to keep pace with other parts of South Florida. The road to achieving pre-pandemic retail fundamentals will accelerate in Broward County. Another year of strong economic and employment growth should aid property performance. Entering the year, nine of the 11 major employment sectors were still underwater, but most will reach pre-pandemic levels, supporting retailers. Namely, the professional and business services, as well as the leisure and hospitality sector, should outperform. Tourism is still below pre-recession levels as visitors arrive to the state via automobile and generally opt for locations further north. When airline travel resumes in earnest, spending by visitors will propel retail space demand. Additional sailings by cruise ships out of Port Everglades will increase visitor counts to the metro. Business conventions will also play a significant role in improving the market's retail fortunes, as a $1.1 billion expansion of the Greater Fort Lauderdale/Broward County Convention Center gets underway, unpinning the long-term outlook.