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Report: Broward retail vacancy to hit 13 percent in 2010
The firm says an increase in home sales has been a boon to regional furniture stores
While a retail market recovery will not start this year, there are
several positive developments that bode well for Broward County’s
market, according to a new research report by Marcus & Millichap.
Several factors, including a lack of expanding retailers, will mean a
vacancy hike to 13 percent this year, but the rise in existing
single-family home sales have helped regional furniture store sales,
and the pace of layoffs has eased from 2009. Finally, the federal
stimulus could mean 900 jobs in retail in the near term. Recent price
drops have also drawn out-of-state investors back to South Florida. TRD