Miami, Fort Lauderdale rank as top “buy” markets for retail assets: report

Miami and Fort Lauderdale are followed by Houston, Austin and Tampa

TRD MIAMI /
May.May 16, 2017 05:45 PM

Brickell City Centre

As the nation’s retail market struggles amid store closings and mounting pressure from online shopping, South Florida stands out as a top market for retail assets, according to a newly released report.

Ten-X’s Retail Market Outlook ranked Miami as the top long-term “buy” market, based on demand, followed by Fort Lauderdale, Houston, Austin and Tampa.

In Miami, retail vacancies dropped by 0.05 percent to 5.7 percent at the end of last year. Rents averaged $23.37, and are projected to rise to $25.79 by 2020, according to the report. Fort Lauderdale retail vacancies fell to 8.9 percent last year, with rents averaging $17.86. Rents in Fort Lauderdale are forecast to rise to $20.20 in 2020.

Ten-X ranked Baltimore, Milwaukee, Oakland, Memphis and Cleveland as the top “sell” markets, where shrinking or stagnating populations and weak demand could lead investors to consider selling retail properties, the report said.

Overall, retail vacancies were 9.9 percent nationwide at the close of 2016 and are projected to remain at that level in 2020.

Ten-X’s retail report


Related Articles

arrow_forward_ios

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

South Florida firm, partner acquire Tampa office building for $29.4M

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Power restored after blackout envelopes West Side of Manhattan

Virgin Trains may announce 3 new train station sites in South Florida by year-end

arrow_forward_ios