Franklin Street Real Estate Services has hired 10 new employees for a new office in Fort Lauderdale since May to expand its retail efforts. The brokerage firm is adding a director of leasing, junior investment broker and tenant representatives, according to the Daily Business Review.
“Retail’s strong. We’re seeing just a tremendous amount of activity,” Gregory Matus, Franklin Street’s South Florida regional managing partner, said in a statement.
“If tenants are going to invest in their stores, it’s going to be in a market like we have right now. People are spending money, they’re eating out, and generally the commercial business starts to rise after the residential business. It’s a natural cycle. The housing business was dead in 2007. Now it’s on fire. You can’t buy a house without 20 people competing for it, and that’s what the commercial business is following.”
Despite taking a hit from online sales, food-related businesses and nontraditional tenants have buoyed the sector, according to the newspaper.
“The dominant retailers, the ones who are paying the highest rents, are food or restaurant-related,” Matus said. “The fast-food business is on fire.” [Daily Business Review] – Christopher Cameron