Low construction, improved sales driving Broward retail market recovery

The retail market in Broward County is seeing the pace recovery pick up, buoyed by low levels of construction and improved retail sales, according to a report from Marcus & Millichap. As consumer confidence increases and Florida tourism drives sales, more tenants could be attracted to the county’s retail market, according to the report. The combination of low construction and an improving economy are projected to push Broward’s retail vacancy down 50 basis points to 9.8 percent, following a 110-basis-point reduction in 2011. Rents are projected to increase this year by 0.5 percent to $18.13 per square foot, while effective rents are anticipated to increase 0.7 percent to $15.21 per square foot. That comes after a 0.2 percent and 0.3 percent drop in rents, respectively, in 2011. – Alexander Britell