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Market Report

Fort Lauderdale Retail Market Report

2024 Investment Forecast

Strong Population Growth and Employment Gains
Position Retailers to Withstand a Quieter 2024

Downtown fundamentals reflect strong marketwide conditions. The combination of substantial net in-migration, employment growth and household income gains since before the pandemic has been a boon for retail space demand across Fort Lauderdale. Furthermore, population growth is set to double the 0.4 percent national average in 2024, while white collar employment gains stand higher than all other major U.S. markets, aiding consumers’ discretionary budgets from higher wage earners. New office leasing to support these workers is improving daytime foot traffic in Downtown Fort Lauderdale, supporting retailers nearby. Here, retail vacancy compressed 150 basis points last year, which helped drive market-leading rent growth. Despite some overall economic moderation in 2024, relative to recent momentum, retail performance remains ahead of historic norms. By year-end, Fort Lauderdale’s vacancy rate will hold nearly 200 basis points below its long-term average of 5.5 percent, spurring rent growth that far exceeds the metro’s 2.6 percent historical mean. 
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