Marcus & Millichap

South Florida Local Retail Report

Second Quarter 2019

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Abundant Growth and Modernized Shopping Shine Spotlight on Southeast Florida Retail Landscape

Strong demographics boost demand. The number of residents and households in Southeast Florida continues to grow at nearly double the national pace, aided by the appeal of warm weather and recreational and retirement options. The expanding population is in turn boosting retail sales, which are up more than 4 percent this year. Greater consumer spending is increasing the demand from retailers for space, helping to lift asking rents in all three major markets in 2019. That is particularly true in downtown and coastal locations that are frequented by travelers on top of local shoppers. Many of these areas, including downtown Fort Lauderdale and Delray Beach, already have above-market monthly rates, but healthy foot traffic and acute demand are nevertheless driving further appreciation.

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