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present a favorable environment for Broward County retailers in 2017. With con-
6%
sumer spending on the rise, retailers are rapidly leasing available space across
4% the county, accounting for a sharp drop in the vacancy rate last year. To feed
the markets growing demand for quality space, more projects are in the pipeline
2% 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 re-
0%
development of the Plantation Fashion Mall, totaling 200,000 square feet. Both
13 14 15 16 17*
of these projects incorporate residential and office components, a growing trend
among upcoming shopping centers. This years deliveries are composed of small-
Retail Completions er shopping centers, with the greatest influx of new space coming to Southwest
Broward, one of the fastest-growing areas of the market. Broward Countys robust
Completions Absorption
economic momentum will extend through 2017, supporting another banner year
1,600
for owners as rents are set to climb for the sixth straight year.
Square Feet (thousands)
1,200
Promising upside, robust yields fuel investor interest in Broward County.
800 Driven by positive metrics and promising future growth, investors are deploying
capital into the Broward County retail sector at heightened levels. Going-in cap
400 rates that average in the mid-6 percent band, 100 basis points greater than
southern neighbor Miami-Dade, will support investment activity this year as buy-
0
13 14 15 16 17* ers seeking higher yields in southern Florida spur competition for premium assets
in Broward County. Deal flow is consistently strong outside of Fort Lauderdale in
the areas of Pompano Beach and Southwest Broward, where initial returns can
Asking Rent and Vacancy Trends be higher than the county average. Value-add opportunities in proximity to this Fort Lauderdale
Houston
Asking Rent Vacancy years new shopping centers will also be in high demand for their high first-year
yields, particularly in higher-vacancy markets like Hollywood and Coral Springs.
Asking Rent per Square Foot
$24 8%
$20 6% NRI Rank Strong employment gains and above-average rent gains
24, up 5 places vaulted Fort Lauderdale up five spots in this years Index.
$18 5%
$16 4%
Employment Hiring will rise from last years robust gain of 30,100 jobs
13 14 15 16 17* up 4.3% to close 2017 with an additional 36,000 positions.
$300
Vacancy Robust space demand brings the vacancy rate down to
$200
down 40 bps 5.0 percent in 2017 for the eighth straight year of rate
compression following last years 90-basis-point drop.
$100
Rent Tightening vacancy supports an increase in the average
$0
12 13 14 15 16
up 4.2% asking rent to $22.69 per square foot, a moderation from
the 5.8 percent climb recorded in 2016.