{"id":9041,"date":"2023-04-26T16:00:51","date_gmt":"2023-04-26T20:00:51","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=9041"},"modified":"2023-09-22T12:52:46","modified_gmt":"2023-09-22T16:52:46","slug":"lee-associates-q1-report-south-floridas-retail-sector-continues-to-outperform-national-average-multifamily-market-softens","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2023\/04\/26\/lee-associates-q1-report-south-floridas-retail-sector-continues-to-outperform-national-average-multifamily-market-softens\/","title":{"rendered":"Lee & Associates Q1 Report: South Florida\u2019s Retail Sector Continues to Outperform National Average, Multifamily Market Softens"},"content":{"rendered":"
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South Florida\u2019s Q1 Market Report Shows Region\u2019s Retail Sector Continues to Outperform National Average, Multifamily Market Softens<\/strong><\/h2>\n

Local industrial and office sectors record relatively flat vacancies year-over-year, but demand remains strong...<\/strong><\/h3>\n

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MIAMI, FL (April 27, 2023)<\/strong> \u2013 South Florida maintained its status as a national retail sector standout in the first quarter of 2023, according to Lee & Associates South Florida<\/a>\u2019s Q1 2023 market report. The region\u2019s multifamily market continues to soften, however, with vacancies creeping up in the tri-county area.<\/p>\n

Retail<\/strong><\/h3>\n

Retail vacancies declined from 3.5% in the first quarter of 2022 to 3.1% in the first quarter of 2023. The national average vacancy rate was 4.2% at the end of the quarter. Average asking rents jumped year-over-year from $32.53 per square foot NNN to $35.97.<\/p>\n

More than 4.5 million square feet of retail construction is in the pipeline and could potentially impact the razor-thin vacancy rate going forward.<\/p>\n

\"South Florida\u2019s Retail market continues to fare better than many other parts of the country, with vacancy rates holding steady at 3.1% across the three counties compared to a 4.2% nationwide average. Rental rates remain on the rise with average rents increasing in Miami-Dade County to $43.31 PSF, Broward County to $33.46 PSF, and Palm Beach County to $33.59 PSF. Across the tri-county region, market cap rates have dropped to 5.5% and the average sale price has increased to $375 PSF, though sales volume has been showing a decline over the last four consecutive quarters. New construction continues to deliver, bringing over 363,500 SF of new inventory in Q1 with over 4.5 Million SF currently underway.\"<\/p>\n

Industrial<\/strong><\/h3>\n

\"Greg<\/p>\n

The tri-county area of South Florida closed the first quarter of 2023 with a 2.3% industrial vacancy rate, down from 2.8% a year earlier but flat when compared with the fourth quarter of 2022. The average asking rent surged year-over-year from $12.01 per square foot triple-net (NNN) to $15.40.<\/p>\n

Lee & Associates South Florida Principal Greg Milopoulos<\/strong><\/a> notes that industrial lease rates \u201chave started to stabilize,\u201d with landlords more willing to provide enhanced tenant improvement allowances for credit tenants.<\/p>\n

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\u201cWe all hear the hysteria and uncertainty in the U.S. markets, but Southeast Florida still appears to be somewhat isolated with the continued \u2018flight to business freedom\u2019 that our state allows for,\u201d Milopoulos said.<\/em><\/p>\n<\/blockquote>\n

\u201cLease rates have started to stabilize with Landlords willing to bend on lease term and necessary TI allowances. I think credit will be the most important thing landlords look for going into 2023 with the willingness to come off their marketed lease rates and term in return for strong credit tenants. We all hear the hysteria and uncertainty in the US markets but S. East Florida still appears to be somewhat isolated with the continued \u201cflight to business freedom\u201d that our state allows for. On the acquisitions side, institutional buyers continue to ride the emotional wave that the media portrays with the cost of debt being their voice of reason, but property owners aren\u2019t really caving or trending in the same direction as many of them aren\u2019t over leverage and those that do have debt, have rates below 4.5%. At this point underwriting seems to be picking back up again and I don\u2019t feel real estate valuations will follow assuming lease rates maintain at $14.50 NNN average.\"<\/p>\n

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Office<\/strong><\/h3>\n

\"Elias<\/p>\n

South Florida\u2019s office sector had a slight year-over-year drop in vacancies in the first quarter, from 9% to 8.6%. Average asking rents rose from $33.99 per square foot NNN in the first quarter of 2022 to $36.36.<\/p>\n

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\u201cAlthough we are not seeing New York City and California rates, we are inching closer,\u201d Lee & Associates South Florida Principal Elias Porras<\/strong><\/a> said<\/em>.<\/p>\n<\/blockquote>\n

\u201cPalm Beach and Miami\u2019s Brickell and Downtown continue to provide office market momentum in 2023. In Miami, 801 Brickell\u2019s asking rates range from $90 - $110 PSF, FS, and Palm Beach 230 Royal Palm Way\u2019s asking rates are $100 NNN PSF + $29.62 OE. Vacancy rates continue to decline in both Counties, and average rents in the entire Tri-County region have continued to rise. Although we are not seeing New York City and California rates, we are inching closer. Miami-Dade averages $50.04 PSF FS up from $45.26 PSF FS in Q1 of 2022, Broward averages $37.33 PSF FS up from $36.89 PSF FS, and Palm Beach averages $39.78 PSF FS up from $38.69 PSF FS.\"<\/p>\n

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Multifamily<\/strong><\/h3>\n

\"Andy<\/p>\n

The local multifamily sector saw a notable year-over-year increase in vacancies in the first quarter of 2023, from 3.5% to 4.8%. Asking rents rose $2,039\/month to $2,097\/month. It is worth noting that rents barely increased from the fourth quarter of 2022 ($2,081\/month).<\/p>\n

Tight single-family residential supply will force some would-be buyers to rent and help the region avoid substantial vacancy increases or rent declines, according to Lee & Associates South Florida Senior Vice President Andy Hidalgo<\/strong><\/a>.<\/p>\n

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\u201cLiving preferences are shifting towards a society more inclined to rent,\u201d Hidalgo said. \u201cThe scarcity of Class C apartments has intensified the demand for lower-tier rentals, particularly in the more reasonable priced neighborhoods in South Florida.\u201d<\/em><\/p>\n<\/blockquote>\n

\u201cThough not impervious to broad economic difficulties, the substantial influx of people moving to Florida has reduced available single-family homes in most areas, making apartments a relatively more budget-friendly option. As a result, living preferences are shifting towards a society more inclined to rent, taking advantage of the cost savings, adaptability, and lifestyle benefits. The scarcity of Class C apartments has intensified the demand for lower-tier rentals, particularly in the more reasonably priced neighborhoods in South Florida. Florida\u2019s recently enacted affordable housing legislation, the Live Local Act, through local government incentives and low-interest loans, is anticipated to incentivize developers and those considering mixed-use projects to create additional housing.\"<\/p>\n

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INDUSTRIAL<\/strong><\/h3>\n
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MULTIFAMILY<\/strong><\/h3>\n
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OFFICE<\/strong><\/h3>\n
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RETAIL<\/strong><\/h3>\n
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About Lee & Associates | South Florida<\/strong><\/a><\/p>\n

Lee & Associates | South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee & Associates is the largest agent owned brokerage in the nation with Senior Agent\u2019s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making.\u00a0 The Lee & Associates\u2019 robust national network that sold and leased over $32 Billion in 2022 offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee & Associates South Florida, visit leesouthflorida.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Instagram<\/a>, our company local news<\/a>.<\/p>\n

About Lee & Associates<\/strong><\/a><\/p>\n

Lee & Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee & Associates has grown its service platform to include over 75 offices\u00a0in the United States and Canada. Lee & Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers. \u00a0For the latest news from Lee & Associates, visit\u00a0lee-associates.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Link<\/a>, our company blog.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

South Florida\u2019s Q1 Market Report Shows Region\u2019s Retail Sector Continues to Outperform National Average, Multifamily Market Softens Local industrial and office sectors record relatively flat vacancies year-over-year, but demand remains strong…   MIAMI, FL (April 27, 2023) \u2013 South Florida maintained its status as a national retail sector standout in the first quarter of 2023, according to Lee & Associates South Florida\u2019s Q1 2023 market report. The region\u2019s multifamily market continues to soften, however, with…<\/p>\n","protected":false},"author":76,"featured_media":9042,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,105,1817,1818,3,108,107,106],"tags":[1088],"class_list":["post-9041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-industrial","category-investment-sale","category-land-development","category-market-reports","category-multifamily","category-office","category-retail","tag-team"],"yoast_head":"\nLee & Associates Q1 Report: South Florida\u2019s Retail Sector Continues to Outperform National Average, Multifamily Market Softens - Lee & Associates South Florida<\/title>\n<meta name=\"description\" content=\"Q1 Market Report shows retail sector outperforms national average, multifamily softens, industrial and office demand remains strong\" \/>\n<meta name=\"robots\" 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