The Real Deal Miami

Weak outlook for Broward commercial

September 25, 2009 08:47AM

Broward County vacancies will keep rising and rents will fall for the rest of the year, according to Marcus & Millichap Real Estate Investment Services’ third quarter retail research report. Declines in retail spending will affect commercial tenants, as will prolonged high unemployment, the report said. Shopping centers, which get their heaviest traffic when consumers drive home from work, will take the hardest hit. County payrolls are projected to drop 3.3 percent by the end of the year, and vacancy rates could go as high as 11.5 percent from current levels of 8.6 percent. Single-tenant properties will show modest growth or at least remain stable, according to the report. TRD