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    South Florida Retail

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    Kevin Parker
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    South Florida Retail

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    Kevin Parker
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    46 views1 page

    South Florida Retail

    Uploaded by

    Kevin Parker
    S

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 1

    Q3 2024

    SOUTH FLORIDA, FL
    RETAIL MARKET OVERVIEW
    STEPHEN DEMEO, Principal

    As South Florida’s retail markets advance, rent growth will moderate as softer demand from
    slowing consumption meets limited inventory. Despite this, the market’s attractiveness
    and lack of available space should drive an outperformance in values compared to the
    national average. Vacancies are forecast to expand slightly through the end of 2024,
    resulting in slower yet healthy absorption levels, maintaining historically low vacancy rates
    near 3%. Tenant move-outs remain below the five-year average, and with limited new
    supply, space availability will stay tight, well below the U.S. average. Major leases this year
    have been signed by home goods, entertainment, clothing, and fitness tenants, including
    Floor & Decor, Burlington, Crunch Fitness, Nordstrom, and Altitude Trampoline Park.

    MARKET INDICATORS Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023


    ▼ 12 Mo. Net Absorption SF 429,642 730,133 1,922,884 1,849,091 2,752,131

    ◀ ► Vacancy Rate 3.1% 3.1% 3.0% 3.0% 3.0%

    ▲ Avg NNN Asking Rate PSF $37.06 $36.80 $35.87 $36.10 $36.05

    ▼ Sale Price PSF $317 $392 $354 $383 $312

    ▲ Cap Rate 5.93% 5.74% 5.51% 5.96% 5.88%

    ▲ Under Construction SF 2,133,353 2,020,033 1,836,146 2,180,799 2,465,948

    ▲ Inventory SF 343,865,965 343,811,825 343,696,211 343,444,532 343,159,567

    NET ABSORPTION, NET DELIVERIES, & VACANCY UNDER CONSTRUCTION

    TOP SALE TRANSACTIONS BY SF SIZE SALE PRICE BUYER / SELLER TENANCY TYPE

    3401 N. Miami Avenue $83,750,000 Benderson Development Co., Inc.


    347,740 SF Multi-Tenant
    Miami, FL $240.84 PSF SITE Centers

    5701-5881 N. University Drive $36,430,000 ShopOne Centers REIT, Inc.


    218,407 SF Multi-Tenant
    Tamarac, FL $166.80 PSF SITE Centers

    9020-9200 W. State Road 84 $22,250,000 JBL Asset Management LLC


    138,554 SF Multi-Tenant
    Davie, FL $160.59 PSF Continental Realty Corporation

    TOP LEASE TRANSACTIONS BY SF SIZE LANDLORD TENANT TENANT INDUSTRY

    1200 W. 49th Street


    42,952 SF Ford Motor Company Machado Ford Auto Dealership
    Hialeah, FL

    9789-9889 Glades Road


    41,500 SF EDENS Undisclosed Undisclosed
    Boca Raton, FL

    3660-4060 W. Hillsboro Boulevard Motion Picture


    32,368 SF Kimco Realty Corp Paragon Theaters
    Deerfield Beach, FL Theater

    LEE & ASSOCIATES RESEARCH

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