County retail doing well, getting better

Occupancy rates in Broward County retail spaces are at a three- year high, according to a recent report from commercial real estate firmCBRE.

Throughout the county, 91.9 percent of retail space is nowoccupied. Average asking rental rates are also up, to $ 20.61 per square foot, according to the report. That’s 25 cents more than same period last year.

Millions of dollars are being spent in the area on retail spots, both new and established, as shoppers moving further from the Great Recession are ridding themselves of that “dropping- off- the- edge- of- a- cliff feeling” and spending more money, saidNathan Werner, president of Fort Lauderdale- based RetailSitesInternationalInc. Retailgrowthis occurring throughout South Florida as the economy continues to improve.

Retail space in Broward is now at a premium, given that investor confidence is back up and land for future competitive developments is limited, said David Donnellan, first vice president of CBRE in Fort Lauderdale.

“Broward County is seeing exceptionally strong investordemandfor all type and quality of retail product,” Donnellan said. “Investors are confident that market fundamentals aremoving in a very positive direction as Broward is not over- developed with retail space and the market is mature, with limited land for future competitive developments.”

Many developers are focusing on giving existing centers a facelift in order to keep current tenants happy and to attract new ones, CBREnoted.

For instance, Sunrise’s Sawgrass Mills mall, billed as the largest outlet retailer in the country, has been expanding its Colonnade Outletwingsin recentyears toaccommodate new and existing luxury outlet brands. A MichaelKors store remodelend and doubled its size and a Jimmy Choo outlet is slated to open nearby this fall.