broward county retail marketview q1 2016
TRANSCRIPT
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8/18/2019 Broward County Retail MarketView Q1 2016
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MARKETVIEW
Broward County’s retail vacancy
continues its downward trend
Broward County Retail, Q1 2016
© 2016 CBRE, Inc. | 1
Direct Vacancy
5.3%
*Arrows indicate year-over-year change.
Lease Rate
$20.59 PSFNet Absorption
44,000 SFUnder Construction
469,000 SF
Broward County retail vacancy rates decreased 80
basis points (bps) year-over-year from 6.1% in Q1
2015, down to 5.3% at the close of the quarter.
Average direct asking rates increased slightly
finishing the quarter at $20.59, an increase of 4.4%
from one year ago. Two of the largest lease deals
affecting Q1 2016 absorption include: a 42,000 sq. ft.
lease for Lucky’s Supermarket in Coral Springs, and a
14,000 sq. ft. lease for Emanuel Church in Pembroke
Pines.
Five new buildings were delivered during the quarter
totaling 38,919 sq. ft. The construction pipeline
consists mostly of single-tenant spaces near major
employment and residential hubs.
Figure 1: Total Vacancy –vs– Average Direct Asking Lease Rate (NNN)
Q1 2016 CBRE Research
The largest multi-tenant construction effort
underway is the Millenium Mall Redevelopment in
Hollywood, a 40 acre site scheduled to be delivered in
Q3 2016 that will feature many national retailers and
restaurant chains.
Positive job growth, a vibrant tourism market and
increased consumer spending are helping to drive
Broward County’s retail sector. In 2015, the county
attracted 15.4 million visitors who spent $14.2
billion. According to the Greater Fort Lauderdale
Convention and Visitors Bureau, Broward County led
the state in hotel occupancy in both January and
February 2016 at 81.4% and 87.2% respectively.
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Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 Q1 2016
Asking Rate ($/SF)Vacancy (%) Broward Vacancy Rate Broward Avg Asking Lease Rate
Source: CBRE Research, Q1 2016.
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8/18/2019 Broward County Retail MarketView Q1 2016
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MARKETVIEW BROWARD COUNTY RETAIL
Source: CBRE Research, Q1 2016.
© 2016 CBRE, Inc. | 2Q1 2016 CBRE Research
SubmarketTotal
Inventory(SF)
DirectVacancy
(%)
TotalVacancy
(%)
Q1 2016 NetAbsorption
(SF)
YTD NetAbsorption
(SF)
UnderConstruction
(SF)
Avg. AskingLease Rate($/SF/NNN)
Commercial Blvd 1,581,842 3.5 3.5 7,187 7,187 15.31
Cypress Creek 2,655,482 6.9 6.9 (8,161) (8,161) 5,000 15.98
Downtown Fort Lauderdale 4,483,708 8.7 8.9 (14,503) (14,503) 23,526 29.44
Fort Lauderdale 17,032,451 5.3 5.3 (49,985) (49,985) 149,328 18.93
Hallandale 4,228,028 5.7 5.8 25,578 25,578 20.14
Hollywood 10,798,597 5.4 5.4 (6,426) (6,426) 300,000 19.81
NW Broward/Coral Springs 13,420,474 5.0 5.2 66,268 66,268 17.65
Outlying Broward County 455,892 4.3 4.3 (1,898) (1,898) 19.83
Plantation 11,638,052 7.3 7.3 12,046 12,046 18.29
Pompano Beach 15,758,497 5.0 5.4 (17,542) (17,542) 10,351 18.75
Sawgrass Park 4,571,172 3.0 3.0 19,994 19,994 27.26
Southwest Broward 14,964,884 3.7 3.8 11,440 11,440 76,753 24.47Broward County Market 101,589,079 5.3 5.4 43,998 43,998 564,958 20.13
Community Center 15,165,369 5.3 5.4 64,960 64,960 20.84
Freestanding 35,557,646 5.9 6.1 21,314 21,314 388,479 19.55
Mixed-Use 5,207,516 7.7 7.8 (21,122) (21,122) 80,556 21.11
Power Center 5,651,866 3.2 3.7 (5,447) (5,447) 19.41
Regional & Super Regional Center 7,329,226 9.1 9.1 8,797 8,797 13.53
Neighborhood & Strip Center 33,019,522 8.2 8.3 11,262 11,262 19.60
Figure 2: Broward Market Statistics
Figure 3: Significant Broward Q1 2016 Leases Impacting Absorption
Figure 4: Significant Broward Q1 2016 Sale Transactions
Submarket Property Tenant Transaction (SF)
NW Broward 9100 Wiles Road Lucky’s Supermarket 42,000
SW Broward 7020-7040 Pines Boulevard Emanuel Church 14,000
SW Broward 1110-1392 Weston Road Pet Supermarket 7,980
Pompano Beach 3660-4060 W. Hillsboro Boulevard China Buffet 7,532
Source: CBRE Research, Q1 2016.
Source: CBRE Research, Q1 2016.
Submarket Property Buyer Seller Building (SF) Sale Price ($)
SW Broward Palm Lakes Plaza Publix Supermarkets Stockbridge Capital Group, LLC 109,752 28,150,000
Hallandale CVS Classic Sanitation Suntrust Equity Funding LLC 15,034 16,020,000
Sawgrass Park The Fresh Market Allegra Tribeca Inc. Pointe Development Co. 24,826 15,300,000
Fort Lauderdale Atlantic Square Plaza Jose Llorens Estate of John N. Rhodis 72,523 13,100,000
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MARKETVIEW
Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy,we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness.This information is presented exclusively for use by CBRE clients and professionals and al l rights to the material are reserved and cannot be reproduced without priorwritten permission of CBRE.
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Researcher
+1 954 331 1772
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Researcher
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Mary Jo Eaton
President, Florida and Latin America
+1 305 428 6329
Quinn Eddins
Director, Research and Analysis
+1 305 428 6325
BROWARD COUNTY RETAIL
Market Coverage: Includes all competitive retail buildings 2,500 sq. ft. and greater in size in Broward County.
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