Fort Lauderdale retail properties draw interest from investors abroad

Just as foreign buyers have helped to drive the real estate recovery in South Florida, they are now helping its retail sector, particularly in Fort Lauderdale, according to a report from Marcus & Millichap. “The flow of foreign capital into Fort Lauderdale has swelled and boosted retail property,” the firm said in a third-quarter report. On the leasing side, the retail market in Fort Lauderdale has shown improvement, with a 110-basis-point drop in vacancy last year and a projected 70-basis-point drop to 9.6 percent in 2012. Asking rents are also projected to rise 0.9 percent to $18.20 per square foot this year. — Alexander Britell