The Real Deal Miami

Fort Lauderdale retail properties draw interest from investors abroad

October 17, 2012 09:45AM

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