2016 Florida Retail Report
Table of Contents
Leading Trends
Central Florida
■■ 8 trends impacting retail’s
future in Florida
■■ Orlando
■■ 5 new developments that
define retail in Florida
Macro Statistics
■■ Nationwide Fundamentals
■■ Daytona
■■ Central Florida
■■ Port St. Lucie
West Florida
■■ Statewide Fundamentals
■■ Tampa / St. Petersburg
■■ Retail Property Clock
■■ Sarasota / Bradenton
■■ Statewide Comparison
■■ Fort Myers
North Florida
■■ Jacksonville
■■ Naples
South Florida
■■ Tallahassee
■■ Palm Beach
■■ Panhandle
■■ Broward
■■ Miami-Dade
we’retailntelligencexperts
food, food, food!
9 Trends Impacting Florida’s
Retail Future in Florida
01
value vs luxury
In 1992 we spent $163 at grocers
for every $100 in restaurants
Today we spend $96 at grocers
for every $100 spent in restaurants
discount
Value shopping is now for everyone
Low-income families plus higher-income shoppers
who’ve now developed a taste for discounts
“middle
”
retailers
7.7%
e-commerce
7.7%
e-commerce
e-commerce
High e-commerce Presentation
• Computers, Books, Electronics
92.3%
Low e-commerce Presentation
• Furniture, Beauty/Cometics, Grocery
bricks-and-mortar
03
experience
Premium
goods,
experiential
shopping
Commoditized
goods,
Internet/
impersonal
shopping
Florida Tourism Spending
(In Billions)
tourism
80
70
Tourist spending increases
have been a bright spot in
consumer spending
60
50
40
2006
02
An “experience” means shoppers
are meeting their higher-order needs
90
30
06
luxury
2008
2010
2012
2014
04
touch screen transformation
Mobile payments
Loyalty rewards
Order-ahead
Custom orders
merchandise with meaning
Nike’s #BetterForIt campaign focuses
on female empowerment
08
05
07
fan base
lululemon creates its fan base
with free yoga classes
reality star treatment
Consumers want to be treated like
the stars they see in the media
09
Seminole City Center
5 New Developments That Define
Retail in Florida
Seminole, FL
Developed By: North American Development Group, Primerica Group One
Retail Size: 424,192 sf
Anchors: Earth’s Fare, Studio Movie Grill, Bealls, SteinMart, LA Fitness,
HomeGoods, Ulta, Kirkland’s, PetCo, Five Below
Retail development is back on the rise in Florida in 2016, but
this time around we are seeing a new kind of development: smart
retailers and developers are shifting their focus to the shopper
by incorporating new experiences and the live-work-play mentality
into their assets. These five Florida retail developments illustrate how
developers are successfully meeting the needs of today’s consumers.
“Seminole City Center will not just fill a retail void in the market,
the center will function as the downtown for the surrounding City of
Seminole”.
- Andy Carlson, Vice President
redevelopment
•
large scale
Brickell City Centre
CityPlace Doral
Developed By: Swire Properties, Simon, Whitman Family Development
Project Size: 5.4MM sf
Retail Size: 500,000 sf
Anchors: Saks Fifth Avenue, Cinemex, Italian Food Hall
Key Tenants: Hugo Boss, Intermix, LuLuLemon, Suit Supply, Coach,
Porsche Design
Developed By: The Related Group and Shoma Homes
Retail Size: 600,000 sf
Anchors: Fresh Market, Cobb CineBistro, King’s Bowl
“Brickell City Centre will offer a unique shopping and dining
experience for the greater Miami market. The exceptional
selection of national and international retailers and restaurateurs
will attract shopping customers from all walks of life.”
- John Lambert, EVP & Florida Retail Market Lead
•
entertainment
•
de-malling
•
mixed-use
•
luxury
•
tourism
•
Doral, FL
Miami, FL
mixed-use
•
large scale
•
urban
“The most exciting aspect of CityPlace Doral is the scale of the retail
which will add a diverse offering of goods and services which has
always been missing in Doral”.
– Scott Sheron, Vice President
•
international appeal
•
indoor-outdoor experience
urban
•
density
Disney Springs
Tomoka Town Center
Developed By: Walt Disney, Inc.
Retail Size: 500,000 sf
Entertainment: Cirque De Soleil, AMC Theater, House of Blues, Coca-Cola Store, Splitsville
Key Tenants: Anthropologie, Tommy Bahama, Uniqlo, Under Armor Brand
House, Zara
Developed By: Consolidated-Tomoka Land Company, Tanger Outlets,
North American Development Group
Project Components:
o 300,000 SF Tanger Outlet
o 350,000 SF Shopping Center
o 140,000 SF Sam’s Club
Orlando, FL
Daytona Beach, FL
“Disney Springs is also attracting first-to-market luxury concepts such
as The Trophy Room, a high-end athletic boutique founded by the
son of Michael Jordan, as well as first-to-market restaurants STK
and Morimoto Asian” .
- Brandon Delanois, Associate
tourist driven
•
“Tomoka Town Center is creating a new retail center of gravity for a
market that extends 60 miles in some directions. The combination of
luxury tenants in the Tanger outlets and value-oriented tenancy of the
Town Center is tailor made for today’s consumer.”
- Justin Greider, VP & Florida Agency Lead
entertainment
•
luxury tenants
value
•
residential growth
•
luxury
•
outlet
value
Nationwide
Fundamentals
U.S. rent and occupancy
92.5%
Florida rent and occupancy
$18.00
Occupancy
92.0%
$17.50
Rental Rate
$19.50
96%
95%
$19.00
Occupancy
94%
$18.50
Rental Rate
91.5%
$17.00
93%
$18.00
91.0%
$16.50
92%
$17.50
90.5%
$16.00
91%
$17.00
90.0%
$15.50
90%
$16.50
89%
$16.00
89.5%
$15.00
88%
$15.50
$14.50
87%
89.0%
2008
2010
2012
MY'13
YE'13
MY'14
Historic Power and Shopping Center Data From CoStar Property and JLL Research
YE'14
MY'15
YE'15
MY'16
Across the United States, occupancy increased every quarter since 2009, and now
sits at a robust 92.3%. Rents, however, have been slow to grow, and even with
stabilized occupancy over the last 6 quarters, rents have only risen 2% and are still
13% below the 2008 peak despite strong gains in dense, urban markets.
U.S. capital markets activity
$11
8.00%
$10
$80
7.75%
$9
$70
7.50%
$60
7.25%
$50
7.00%
$40
6.75%
Rolling 12-Mo Volume
(In Billions)
Average Cap Rate
$0
6.50%
MY'10
MY'11
MY'12
MY'13
MY'14
MY'15
MY'16
8.25%
Rolling 12-Mo Volume
(In Billions)
Average Cap Rate
$8
8.00%
7.75%
7.50%
$7
7.25%
$6
7.00%
$5
6.75%
$4
$3
6.50%
6.25%
$2
6.25%
6.00%
$1
6.00%
MY'06 MY'07 MY'08 MY'09 MY'10 MY'11 MY'12 MY'13 MY'14 MY'15 MY'16
Historic Sales Data From Real Capital Analytics and JLL Research
MY'09
$15.00
Both nationally and in Florida, the volume of properties sold has dropped over the
past year, which combined with the continued availability of inexpensive capital, has
led to cap rates that are lower than the previous cycle in 2007.
8.25%
$10
MY'08
Historic Power and Shopping Center Data From CoStar Property and JLL Research
$90
$20
MY'07
Florida capital markets activity
$100
$30
MY '06
Statewide
Fundamentals
MY'06 MY'07 MY'08 MY'09 MY'10 MY'11 MY'12 MY'13 MY'14 MY'15 MY'16
Historic Sales Data From Real Capital Analytics and JLL Research
Leading markets have continued to see surges
in demand from retailers. Rent thresholds
appear to have been reached, indicating these
areas are peaking.
All secondary markets in Florida are now
seeing recovery for the first time.
Retail property clock
Dallas, Boston
Hawaii, Houston,
San Fransisco, Tallahassee
Miami, New York City,
Ft. Lauderdale, Palm Beach
Los Angeles, Sarasota
United States,
Orange County, Orlando,
Washington DC
Atlanta, Naples,
Central Florida, Tampa
Chicago, Panhandle
Philadelphia, San Diego,
Ft. Myers, Daytona, Ocala
Jacksonville, Port St. Lucie
Peaking
Market
Falling
Market
Rising
Market
Bottoming
Market
Florida market comparison
$30.00
97%
Occupancy
96%
Rental Rate
95%
$25.00
94%
Every market in Florida saw increases in
occupancy in the first half of 2016,
and now occupancy is above 90%
in almost every market.
This increase in retailer demand is driving rent
growth and making a full development pipeline
outside of South Florida a reality.
$20.00
93%
92%
$15.00
91%
90%
89%
$10.00
88%
87%
$5.00
Historic Power and Shopping Center Data From CoStar Property and JLL Research
North Florida
■■ Jacksonville
■■ Tallahassee
■■ Panhandle
Jacksonville
The Jacksonville retail sector currently has 748,000
square feet under construction highlighted by The
Strand & The Crossing, already 46.4 percent leased with
expected delivery next summer. With occupancy up yearover-year to 91.1 percent, the infusion of new retail space
might have a small squeeze on Asking Rates, currently
at $13.24, but the outlook for retail still remains strong.
Unemployment rose slightly to 4.7 percent, but still sits
40 basis points below the national average. Jacksonville
has also been experiencing strong population growth
and corporate relocations, partially due to the low cost of
living in the area. Additionally, tourism revenues reached
a record high in fiscal year 2016. With the state’s and
region’s push to increase visitors, the benefits will be seen
by retailers for the rest of 2016.
Retail market clock
Rent and occupancy
92%
Rising
Market
Jacksonville
Bottoming
Market
$13.50
Rental Rate
90%
$13.25
89%
$13.00
88%
$12.75
87%
$12.50
86%
$12.25
85%
$12.00
MY'11
MY'12
MY'13
MY'14
Historic Power and Shopping Center Data From CoStar Property and JLL Research
MY'15
MY'16
Submarket
Rolling 12-Mo Volume
(In Millions)
Average Cap Rate
$600
YE15
$9.32
Change
$10.95
17.5%
513,680
90.8%
92.1%
1.3%
$10.26
$10.25
-0.1%
Beaches
3,342,573
91.4%
91.7%
0.3%
$16.85
$17.31
2.7%
Butler / Baymeadows
1,961,955
90.2%
92.2%
2.1%
$14.44
$14.06
-2.6%
Downtown Northbank
1,128,581
82.0%
84.4%
2.4%
$7.82
$7.82
0.0%
Downtown Southbank
64,031
100.0%
91.6%
-8.4%
$25.00
$21.00
-16.0%
3,542,348
94.0%
93.9%
0.0%
$12.51
$13.25
5.9%
Mandarin
Nassau County
2,351,868
86.3%
87.2%
0.9%
$15.42
$15.19
-1.5%
Northeast Jacksonville
2,288,397
89.1%
89.6%
0.5%
$16.73
$18.02
7.7%
88.0%
4.3%
$9.59
$9.42
-1.8%
Orange Park / Clay County
91.3%
0.7%
$13.03
$13.81
5.9%
Riverside
6,228,722
89.4%
90.2%
0.8%
$13.44
$13.33
-0.8%
9.5%
San Marco
1,044,832
83.2%
85.2%
2.0%
$10.27
$10.51
2.4%
9.0%
Southside
7,953,242
91.1%
92.2%
1.2%
$13.76
$13.44
-2.3%
St Johns County
3,705,071
94.7%
95.7%
1.0%
$15.79
$16.03
1.5%
44,252,113
90.6%
91.1%
0.4%
$13.12
$13.24
0.9%
7.5%
$300
7.0%
$200
6.5%
$100
6.0%
$0
5.5%
MY'15
2.8%
83.7%
8.5%
MY'14
88.3%
90.6%
$400
MY'13
YE15
85.5%
0.4%
Asking Rent
MY16
1,576,360
8.0%
MY'12
Baker County
2,939,607
Occupancy
MY16
Change
5,610,846
$500
MY'11
Arlington
Inventory
Northwest Jacksonville
Capital markets activity
$700
Falling
Market
Submarket activity
Occupancy
91%
$800
Peaking
Market
$13.75
Average
Occupancy
Jacksonville Market Total
Power Center & Shopping Center Market Statistics From CoStar Property
91.1%
4
Consecutive
Quarters
Occupancy Growth
Asking
Rental Rate
0.9%
$13.24
MY'16
Historic Sales Data From Real Capital Analytics and JLL Research
Jacksonville’s recovery remains uneasy
with some rental decline over the past
year coupled with minimal occupancy
growth.
2 out of 5
Consecutive
Quarters
Rent Growth
Tallahassee
Tallahassee’s economy continues to grow, driven primarily
by the stability from the high percentage of government
and university-related employment. However, in the past
year, the market has added 3,800 private-sector jobs,
which bodes well for the overall growth and strength of the
market. Retail space has remained well occupied in the
market, and at 93.3% it is the highest in the state outside
of Miami. Rents appear to have leveled out after taking a
big hit over the past 2 years. The market has seen new
product added in mixed-use projects near the university,
which are driving a new class of retailers in the market
and shifting traditional shopping patterns.
Rent and occupancy
94%
$17.00
Occupancy
93%
$16.00
Rental Rate
92%
$15.00
91%
$14.00
90%
$13.00
89%
$12.00
88%
87%
$11.00
86%
$10.00
MY '11
MY'12
MY'13
MY'14
Historic Power and Shopping Center Data From CoStar Property and JLL Research
Retail market clock
Rising
Market
Falling
Market
Bottoming
Market
8.5%
Average Cap Rate
$80
8.0%
$60
7.5%
$40
7.0%
$20
6.5%
$0
6.0%
MY'11
MY'12
MY'13
Historic Sales Data From Real Capital Analytics and JLL Research
Tallahassee appears to have moved
through the cycle quickly and is peaking
as rents are near the highest in the
state and have held flat.
9.0%
Rolling 12-Mo Volume
(In Millions)
$100
Peaking
Market
MY'16
Capital markets activity
$120
Tallahassee
MY'15
MY'14
MY'15
Average
Occupancy
Submarket activity
Submarket
Downtown Tallahassee
Inventory
YE15
113,844
92.2%
Occupancy
MY16
Change
98.1%
5.9%
0.3%
YE15
Asking Rent
MY16
Change
-
-
-
East Tallahassee
1,388,070
92.4%
92.1%
-0.3%
$18.14
$16.20
-10.7%
Gadsden County
310,393
77.6%
79.4%
1.8%
$6.46
$6.46
0.0%
Jefferson County
118,074
98.4%
98.4%
0.0%
$9.50
$10.25
7.9%
NE Tallahassee
598,508
98.3%
97.7%
-0.6%
$20.90
$20.02
-4.3%
Northeast Leon County
1,920,065
93.9%
94.9%
1.0%
$14.40
$15.08
4.7%
Northwest Leon County
395,594
88.5%
88.5%
0.0%
$7.86
$8.05
2.4%
NW Tallahassee
363,043
95.2%
90.0%
-5.2%
$11.56
$10.46
-9.6%
SE Tallahassee
472,110
89.0%
89.3%
0.3%
$9.77
$9.78
0.1%
Southeast Leon County
909,216
96.3%
96.6%
0.3%
$10.93
$13.24
21.1%
Southwest Leon County
124,279
79.5%
80.3%
0.8%
$12.79
$10.87
-15.0%
SW Tallahassee
41,160
97.6%
100.0%
2.4%
-
-
-8.5%
Wakulla County
155,243
92.6%
94.8%
2.3%
$14.84
$13.58
West Tallahassee
1,100,036
94.5%
95.1%
0.6%
$16.99
$17.02
0.2%
Tallahassee Market Total
8,009,635
93.0%
93.3%
0.3%
$12.22
$12.14
-0.7%
Power Center & Shopping Center Market Statistics From CoStar Property
93.3%
3 out of 5
Consecutive
Quarters
Occupancy Growth
Asking
Rental Rate
0.7%
$12.14
MY'16
Catchy wording about the
statistics that show some level of
analysis
4 out of 6
Consecutive
Quarters
Rent Growth
Panhandle
Rent and occupancy
$13.00
93%
Occupancy
92%
$12.75
Rental Rate
91%
$12.50
90%
$12.25
89%
$12.00
88%
$11.75
87%
$11.50
Submarket activity
Submarket
MY'12
MY'13
MY'14
Historic Power and Shopping Center Data From CoStar Property and JLL Research
Retail market clock
MY'15
MY'16
Falling
Market
Rising
Market
Bottoming
Market
93.2%
0.9%
$11.65
YE15
88.0%
90.3%
2.2%
$10.32
$10.25
-0.7%
-
-
-
-
-
924,618
85.5%
87.9%
2.4%
$13.35
$12.66
-5.2%
YE15
92.3%
Central Pensacola / S Brent
1,033,419
9,800
Downtown Pensacola
Ensley/ N Brent
Occupancy
MY16
Change
1.5%
Asking Rent
MY16
1,376,337
$11.93
Change
2.4%
2,293,353
92.7%
93.6%
0.9%
$14.09
$15.62
10.9%
Gonzalez / SW Santa Rosa
623,504
82.3%
82.6%
0.3%
$12.53
$12.62
0.7%
Gulf Breeze
364,801
93.8%
91.5%
-2.4%
$19.18
$19.33
0.8%
Myrtle Grove / Bellview
190,679
93.3%
96.4%
3.1%
$10.09
$10.12
0.3%
1,100,390
93.2%
96.5%
3.3%
$14.79
$14.80
0.1%
Pensacola Beach
47,862
-
-
-
-
-
-
Perdido
220,927
-
-
-
$20.83
$20.48
-1.7%
Upper Santa Rosa County
50,000
-
-
-
-
-
-1.9%
Navarre
Warrington
325,720
93.4%
95.4%
2.0%
$10.81
$10.61
West Pensacola
872,339
96.1%
97.4%
1.3%
$8.16
$8.98
10.1%
9,433,749
91.2%
92.7%
1.5%
$12.78
$12.77
-0.1%
Pensacola Market Total
Peaking
Market
Inventory
Avalon Beach / Milton
Ferry Pass / N Pensacola
MY '11
Average
Occupancy
Shopping Center Market Statistics From CoStar Property
92.7%
6
Consecutive
Quarters
Occupancy Growth
Asking
Rental Rate
=
0.1%
$12.77
Panhandle
The Panhandle
has had over
a year of
consistent
improvement.
3 out of 4
Consecutive
Quarters
Rent Growth
Central Florida
■■ Orlando
■■ Daytona
■■ Central Florida
■■ Port St. Lucie
Orlando
Orlando ranks 2nd in forecasted population growth
among Florida’s major markets with an estimated influx of
60,000 new residents by the end of 2016. Accompanied
by a record 66.0 million visitors in 2015 (a 3.0 million
increase from the year prior) the retail sector will continue
to see growth to match the increase in new residents
and visitors to the area. The retail trade sector reported
a 3.5% increase in year-over-year job growth while the
unemployment rate for Orlando MSA dipped to 4.6%,
down 60 basis points from a year ago. On the back of
increasing visitor numbers and strong population growth,
Orlando’s retail market should continue being a bright
spot within the state.
Rent and occupancy
92%
$16.00
Occupancy
91%
90%
$15.00
89%
$14.50
88%
87%
$14.00
MY '11
MY'12
MY'13
MY'14
Historic Power and Shopping Center Data From CoStar Property and JLL Research
Retail market clock
Rolling 12-Mo Volume
(In Millions)
$1,000
Orlando
Rising
Market
Falling
Market
Bottoming
Market
MY'15
MY'16
$13.50
Capital markets activity
$1,200
Peaking
Market
$15.50
Rental Rate
Average Cap Rate
$800
4,794,758
94.0%
YE15
94.7%
0.7%
$15.57
YE15
Altamonte / Douglas
2,349,456
86.3%
85.1%
-1.2%
$15.00
$16.29
8.5%
Apopka
1,564,928
93.8%
94.4%
0.6%
$13.30
$15.31
15.1%
Casselberry
3,684,450
91.5%
92.4%
0.9%
$15.74
$16.12
2.4%
Downtown
12,121
-
-
-
-
-
-
Kissimmee
3,615,965
93.3%
94.4%
1.1%
$17.49
$15.80
-9.7%
Lake Mary
2,288,430
94.0%
94.0%
0.0%
$13.61
$15.93
17.1%
Lee Road
492,076
73.5%
76.1%
2.6%
$10.74
$10.76
0.2%
Longwood
959,661
88.7%
88.7%
0.0%
$8.66
$8.79
1.5%
Maitland
693,744
92.5%
92.0%
-0.5%
$15.98
$15.96
-0.2%
Maitland Center
1,387,148
93.8%
94.9%
1.1%
$15.74
$16.33
3.8%
Metro West
1,229,460
96.1%
96.6%
0.5%
$19.34
$20.31
5.0%
274,884
65.4%
92.7%
27.3%
$21.76
$18.00
-17.3%
$14.40
Change
-7.5%
3,487,909
92.0%
92.5%
0.5%
$13.50
$14.24
5.5%
2,004,116
93.2%
94.2%
1.0%
$12.58
$16.39
30.3%
South Orange
1,228,667
95.4%
95.8%
0.4%
$17.12
$17.57
2.6%
Tourist Corridor
$200
7.0%
$0
6.5%
MY'15
436 Corridor
Asking Rent
MY16
Orlando Central Park
7.5%
MY'14
0.7%
Occupancy
MY16
Change
Sanford
$400
MY'13
Inventory
9.0%
8.0%
MY'12
Submarket
Orlando Airport
$600
Historic Sales Data From Real Capital Analytics and JLL Research
Submarket activity
9.5%
8.5%
MY'11
Average
Occupancy
MY'16
Orlando felt broad-based rent recovery
for the first time in the cycle driven by
demand in traditional suburban markets.
6,270,540
90.1%
90.5%
0.4%
$20.23
$19.18
-5.2%
University
325,380
88.9%
92.2%
3.3%
$20.77
$22.75
9.5%
University Research
257,120
93.9%
93.9%
0.0%
$20.00
$20.00
0.0%
West Colonial
5,795,943
89.6%
87.3%
-2.3%
$10.12
$9.89
-2.3%
West University
2,773,595
94.1%
95.0%
0.9%
$17.95
$18.96
5.6%
Winter Park
1,163,338
86.5%
86.1%
-0.3%
$18.01
$18.28
1.5%
46,653,689
90.7%
91.4%
0.7%
$14.17
$14.44
1.9%
Orlando Market Total
91.4%
6 out of 7
Consecutive
Quarters
Occupancy Growth
Asking
Rental Rate
1.9%
$14.44
Power Center & Shopping Center Market Statistics From CoStar Property
2
Consecutive
Quarters
Rent Growth
Daytona
Rent and occupancy
90.5%
$14.50
Occupancy
90.0%
$14.00
Rental Rate
89.5%
Rising
Market
Daytona
Bottoming
Market
Coastal Daytona Beach
Inventory
YE15
Occupancy
MY16
Change
88.6%
YE15
$12.80
1.4%
Change
561,953
85.6%
De Land
1,339,952
84.2%
82.0%
-2.1%
$10.86
$10.11
-6.9%
Deltona
525,509
93.4%
90.9%
-2.5%
$15.34
$12.35
-19.5%
3.0%
$12.79
Asking Rent
MY16
0.0%
Downtown Daytona Beach
1,412,352
86.1%
87.9%
1.8%
$12.23
$14.26
16.6%
88.5%
$12.50
North Daytona Beach
1,076,875
96.9%
92.6%
-4.3%
$17.96
$17.61
-1.9%
88.0%
$12.00
NW Volusia County
1,891,548
90.5%
93.3%
2.8%
$11.52
$11.73
1.8%
87.5%
$11.50
Ormond Beach
2,006,075
90.4%
90.4%
-0.1%
$14.09
$12.42
-11.8%
SE Volusia County
6,878
-
-
-
-
-
-
South Beach Cities
2,303,088
85.5%
88.2%
2.6%
$11.69
$12.68
8.4%
South Daytona Beach
2,149,265
86.4%
92.0%
5.7%
$11.96
$17.27
44.4%
13,273,495
88.4%
89.8%
1.4%
$13.32
$13.57
1.8%
2011 2012
MY'13
YE'13
MY'14
YE'14
MY'15
YE'15
MY'16
$11.00
Historic Power and Shopping Center Data From CoStar Property and JLL Research
Daytona Market Total
Capital markets activity
$200
7.50%
$150
7.25%
$100
7.00%
$50
6.75%
$0
6.50%
MY'12
MY'13
Consecutive
Quarters
Occupancy Growth
7.75%
Average Cap Rate
Historic Sales Data From Real Capital Analytics and JLL Research
4
8.00%
Rolling 12-Mo Volume
(In Millions)
MY'11
89.8%
Power Center & Shopping Center Market Statistics From CoStar Property
$250
Falling
Market
Submarket
$13.00
$300
Peaking
Market
Submarket activity
89.0%
87.0%
Retail market clock
$13.50
Average
Occupancy
MY'14
MY'15
MY'16
Daytona has finally started to build
some momentum with 4 consecutive
quarters of both rent and occupancy
growth.
Asking
Rental Rate
1.8%
$13.57
4
Consecutive
Quarters
Rent Growth
Central Florida
Port St. Lucie
Rent and occupancy
The Lakeland area has been on the same growth path as
its larger siblings, Orlando to the east and Tampa to the
west, and has shown significant growth over the previous
year, employment increased 3.5 percent, lowering the
unemployment rate to 5.7 percent. With large distributions
centers opening, Lakeland is an important recruiting area
for companies and will drive growth as national groups
locate here. A fast-expanding transport and logistics
industry, anchored by the CSX terminal in Winter Haven,
will power medium-term job gains. Longer term, fast
population growth and proximity to Tampa and Orlando
will favor the area as a transportation and logistics hub.
92.5%
Submarket activity
Submarket
Peaking
Market
Rising
Market
Central
Florida
Falling
Market
Bottoming
Market
Inventory
13,047,336
Lake County
6,390,959
212,682
Ocala - Greater Market
3,584,156
Osceola County Outlier
Polk County
SE Orange County Outlier
YE15
YE15
Asking Rent
MY16
0.8%
$11.05
88.6%
90.3%
1.7%
$14.00
$15.19
8.5%
87.2%
90.7%
3.5%
$9.86
$9.44
-4.2%
88.8%
88.1%
-0.7%
$13.32
$13.80
3.6%
13,047,336
92.1%
93.0%
0.9%
$19.28
$20.37
5.6%
11,899,223
91.2%
92.3%
1.1%
$13.22
$13.01
-1.6%
96.7%
96.7%
-0.1%
$19.98
$10.96
91.5%
$16.50
91.0%
$16.00
90.5%
$15.50
90.0%
$15.00
89.5%
$14.50
$19.34
-0.8%
92.8%
94.1%
1.3%
$18.89
$22.76
20.5%
West Seminold Outlier
1,510,951
87.7%
89.8%
2.1%
$14.74
$14.79
0.4%
57,832,021
90.0%
91.0%
1.0%
$15.03
$15.86
5.2%
Power Center & Shopping Center Market Statistics From CoStar Property
1.0%
91.0%
Asking
Rental Rate
5.2%
$15.86
Peaking
Market
Rising
Market
-3.2%
7,416,718
Average
Occupancy
MY '11
MY'12
MY'13
MY'14
MY'15
MY'16
$14.00
Submarket activity
Change
87.0%
722,660
86.2%
Occupancy
MY16
Change
SW Orange County Outlier
Central Florida Market Total
$17.00
Rental Rate
Retail market clock
Brevard County
Ocala - Downtown
Occupancy
92.0%
89.0%
Retail market clock
$17.50
Falling
Market
Bottoming
Market
Port St.
Lucie
Submarket
Inventory
XX.X%
92.0%
91.0%
1,576,107
89.9%
Martin
2,232,446
91.4%
1.1%
YE15
$12.11
Asking Rent
MY16
Change
91.3%
0.0%
$13.94
$14.18
1.8%
$13.14
8.4%
Martin Inland
55,206
-
-
-
$20.63
$20.00
-3.1%
Port St Lucie
5,003,236
90.0%
90.3%
0.3%
$15.14
$15.16
0.2%
St Lucie Coastal
80,786
94.1%
94.1%
0.0%
$16.00
$16.00
0.0%
St Lucie Inland
2,172,284
91.5%
95.4%
3.9%
$19.73
$20.58
4.3%
11,120,065
91.5%
92.0%
0.5%
$15.81
$16.11
1.9%
Power Center & Shopping Center Market Statistics From CoStar Property
+0.5%
X.X%
Occupancy
MY16
Change
Fort Pierce
St. Lucie Market Total
Average
Occupancy
YE15
Asking
Rental Rate
1.9%
$16.11
West Florida
■■ Tampa / St. Petersburg
■■ Sarasota / Bradenton
■■ Fort Myers
■■ Naples
Tampa / St. Petersburg
Florida and Tampa Bay continue to be important to
retailers and landlords, thanks to population and job
growth as well as the constant flow of tourists to the
region. Some retailers are running into problems with
limited availability in popular areas such as Westshore,
Hyde Park, downtown St. Petersburg and Clearwater.
Much of the existing available inventory is either outdated
or in undesirable locations due to changing demographics.
Limited new or renovated product is in the pipeline in
these key areas and the new product has many retailers
showing concern about rising rents. The Tampa DMA
still shows opportunity for growth and the market outlook
remains bright over the next 18 months.
Rent and occupancy
$14.50
93%
Occupancy
92%
$14.25
Rental Rate
$14.00
91%
90%
$13.75
89%
$13.50
88%
$13.25
87%
$13.00
MY '11
MY'12
MY'13
MY'14
Historic Power and Shopping Center Data From CoStar Property and JLL Research
Retail market clock
MY'15
Capital markets activity
$1,600
Peaking
Market
Tampa
Rising
Market
Falling
Market
Bottoming
Market
$1,400
Rolling 12-Mo Volume
(In Millions)
$1,200
Average Cap Rate
MY'16
10.0%
YE15
94.3%
4.3%
$12.32
$15.72
0.4%
Change
27.6%
534,082
94.7%
96.0%
1.3%
$14.55
$15.04
3.3%
East Tampa
1,190,635
95.2%
95.6%
0.4%
$16.17
$15.75
-2.6%
Gateway
1,566,874
94.4%
97.2%
2.8%
$13.05
$12.30
-5.7%
Hernando County
4,647,165
91.1%
92.6%
1.5%
$10.53
$10.82
2.7%
Mid-Pinellas
6,239,662
90.2%
92.2%
1.9%
$14.08
$14.86
5.6%
North Pinellas
7,769,445
91.2%
91.9%
0.7%
$14.69
$15.20
3.5%
Northeast Tampa
5,608,120
94.0%
93.6%
-0.4%
$12.65
$13.10
3.6%
Northwest Tampa
9,896,728
91.9%
92.5%
0.6%
$13.52
$14.92
10.4%
Pasco County
11,315,792
88.7%
89.7%
1.0%
$13.60
$12.98
-4.6%
South Pinellas
7,327,404
90.4%
90.6%
0.2%
$13.50
$12.41
-8.1%
South Tampa
1,632,416
94.0%
98.2%
4.3%
$17.65
$18.76
6.3%
232,801
98.8%
100.0%
1.2%
$12.27
$16.00
30.4%
St Petersburg CBD
-
59.4%
-
-
-
-
9.0%
88.7%
91.0%
2.3%
$15.46
$20.30
31.3%
61,918,257
91.9%
92.3%
0.4%
$13.70
$14.20
3.5%
7.5%
$400
7.0%
$200
6.5%
MY'15
YE15
90.0%
Asking Rent
MY16
299,734
$600
MY'14
Clearwater CBD
1,190,635
Occupancy
MY16
Change
2,466,764
8.0%
MY'13
Bayside
Inventory
Westshore
$800
MY'12
Submarket
Tampa CBD
8.5%
MY'11
Submarket activity
9.5%
$1,000
$0
Average
Occupancy
Tampa Market Total
Power Center & Shopping Center Market Statistics From CoStar Property
92.3%
14
Consecutive
Quarters
Occupancy Growth
Asking
Rental Rate
3.5%
$14.20
6.0%
MY'16
Historic Sales Data From Real Capital Analytics and JLL Research
Tampa’s occupancy has been on an
unmatched tear with 14 quarters of
consecutive occupancy growth. Rental
rates have finally started to catch up with
state-leading 3.5% growth year-to-date.
4 out of 6
Consecutive
Quarters
Rent Growth
Southwest Florida
Sarasota / Bradenton
Rent and occupancy
$15.00
91.0%
Occupancy
90.0%
$14.50
Rental Rate
89.0%
$14.00
88.0%
$13.50
87.0%
$13.00
86.0%
$12.50
85.0%
$12.00
MY '11
MY'12
MY'13
MY'14
MY'15
MY'16
Rent and occupancy
Since 2010, job growth in Sarasota has outpaced that of
the state overall by 390 basis points. Historically, Sarasota
has been below the national and statewide unemployment
levels, and while economic downturn hurt the area in
a big way, unemployment in the area is still well below
the state average at 4.2 percent. Sarasota has seen a
number of new companies enter the area with businesses
expanding, projecting continued job growth. Further, the
population in Sarasota is expected to grow by nearly 7.8
percent over the next five years to 417,000 residents.
93%
92%
$16
90%
$15
89%
$14
88%
$13
87%
$12
86%
8.0%
Rolling 12-Mo Volume
(In Millions)
Retail market clock
$800
7.5%
$600
7.0%
$400
6.5%
MY'12
MY'13
Historic Sales Data From Real Capital Analytics and JLL Research
MY'14
MY '12
MY '13
MY '14
MY'15
Southwest Florida has surged through
the rise in the market and rents are
stabilizing as occupancy is reaching
maximum sustainable levels for an
area with a significant volume of older
product.
Sarasota
8,134,109
YE15
91.1%
Occupancy
MY16
Change
91.4%
617,873
94.0%
Sarasota
8,839,979
Sarasota Outlying
Manatee
Peaking
Market
Falling
Market
Rising
Market
Bottoming
Market
Manatee Outlying
Sarasota Market Total
6.0%
1.6%
92.4%
Inventory
MY'16
$11
0.3%
YE15
$12.22
Asking Rent
MY16
Change
97.1%
3.1%
$16.45
$16.40
-0.3%
91.3%
93.9%
2.6%
$21.98
$22.09
0.5%
2,656,227
87.6%
89.1%
1.4%
$12.25
$12.10
-1.2%
20,248,188
90.8%
92.4%
1.6%
$16.68
$17.09
2.4%
Power Center & Shopping Center Market Statistics From CoStar Property
MY'16
Average
Occupancy
MY'15
Submarket activity
Submarket
Average Cap Rate
MY'11
MY '11
Historic Power and Shopping Center Data From CoStar Property and JLL Research
Capital markets activity
$200
$17
Rental Rate
91%
Historic Power and Shopping Center Data From CoStar Property and JLL Research
$1,000
$18
Occupancy
Asking
Rental Rate
2.4%
$17.09
$13.35
9.2%
Fort Myers
Naples
Fort Myers was one of the hardest hit areas during the
recession, being amplified by the media’s constant
portrayal of the area as ground-zero for the housing
bubble. Fortunately, that is a thing of a past and the
area is seeing a surge of growth, led by the housing
market. Housing prices have surged 12.4 percent over
the past year and over 75 percent in the past since 2012.
Unemployment has dropped to 4.8 percent, lower than
both the state and national averages by almost 100 bps.
As both the population and tourist markets continue to
grow, occupancy has increased to 88.3 percent, reflecting
strong absorption of the product built at the peak of the
last cycle.
Rent and occupancy
91%
$14.50
Occupancy
90%
$14.25
Rental Rate
89%
$14.00
88%
$13.75
87%
$13.50
86%
$13.25
85%
$13.00
84%
MY '11
MY '12
MY '13
MY '14
Historic Power and Shopping Center Data From CoStar Property and JLL Research
Retail market clock
Bonita Springs
Rising
Market
Ft. Myers
Falling
Market
Bottoming
Market
MY'16
Inventory
YE15
86.4%
Occupancy
MY16
Change
87.7%
1.3%
YE15
$14.65
Asking Rent
MY16
$14.52
87.0%
88.7%
1.7%
$12.39
$11.72
-5.4%
Charlotte County
89.0%
89.4%
0.4%
$12.46
$12.98
4.2%
City of Ft Myers
2,849,625
88.1%
89.3%
1.2%
$8.48
$9.08
7.0%
Estero
628,653
90.6%
89.1%
-1.5%
$15.11
$15.86
5.0%
Lehigh
764,249
94.8%
95.8%
1.0%
$13.04
$11.70
-10.2%
North Ft Myers
1,491,940
78.7%
80.1%
1.4%
$11.31
$11.13
-1.6%
South Ft Myers / San Carlos
8,719,076
91.8%
93.5%
1.7%
$13.68
$14.21
3.9%
523,034
99.2%
99.9%
0.7%
$39.25
$35.18
-10.4%
27,466,009
89.1%
90.3%
1.3%
$13.13
$13.20
0.5%
90.5%
$18.00
90.0%
$17.50
89.5%
$17.00
89.0%
$16.50
88.5%
$16.00
MY '11
MY '12
MY '13
MY '14
MY'15
MY'16
$15.50
Peaking
Market
Rising
Market
Naples
Falling
Market
Bottoming
Market
Submarket
Inventory
YE15
East Naples
2,226,538
85.0%
Golden Gate
648,542
Lely
790,537
Occupancy
MY16
Change
YE15
Asking Rent
MY16
Change
87.8%
2.8%
$14.62
$14.39
96.0%
95.0%
-1.1%
$12.36
$12.07
-2.3%
80.1%
78.8%
-1.3%
$14.00
$14.51
3.7%
-1.6%
Marco Island
761,270
95.0%
95.2%
0.2%
$20.63
$22.33
8.2%
Naples
502,218
97.7%
100.0%
2.3%
$22.13
-
-
6,509,153
91.6%
92.2%
0.7%
$19.49
$22.26
14.2%
Outlying Collier County
401,188
88.3%
92.0%
3.7%
$10.63
$11.25
5.8%
Naples Market Total
11,839,446
90.2%
91.2%
1.0%
$17.70
$18.39
3.8%
North Naples
Power Center & Shopping Center Market Statistics From CoStar Property
Power Center & Shopping Center Market Statistics From CoStar Property
90.3%
$18.50
Rental Rate
Submarket activity
-0.8%
5,320,658
1.3%
91.0%
88.0%
Change
4,967,686
Average
Occupancy
$19.00
Occupancy
Historic Power and Shopping Center Data From CoStar Property and JLL Research
Cape Coral
Ft Myers Market Total
91.5%
Retail market clock
2,201,088
The Islands
Rent and occupancy
$12.75
Submarket activity
Submarket
Peaking
Market
MY'15
Naples and the surrounding markets have been propelled
forward by the surge in luxury spending and in-migration
of baby boomers. Naples population has grown 2.7% in
2014, making it the 10th fastest growing market in the
country, and the 3rd fastest over the past five years.
Population growth, coupled with the strong incomes has
led to strong job growth, with Forbes citing Naples in
the top 10 markets in the country, projecting 4.6 percent
growth annually through 2017. The unemployment rate is
one of the lowest in the country at 4.7%, which has pushed
wages higher. Of the 10 fastest growing job markets in
Florida, Naples is the only market with an average wage
higher than $50,000.
Asking
Rental Rate
0.5%
$13.20
Average
Occupancy
1.0%
91.2%
Asking
Rental Rate
3.8%
$18.39
South Florida
■■ Palm Beach
■■ Broward
■■ Miami-Dade
Palm Beach
Continued development of 800 new multi-family units in
Downtown Palm Beach by the end of 2017 should give
way for higher retail demand, particularly for major retail
destinations such as CityPlace and Palm Beach Outlets.
The downtown market continues to thrive with its upscale
atmospheres, as does Boca Raton’s Mizner Park area.
The county has a median household annual income of
10 percent higher than the state average at $52,200. In
addition, the area has seen declining unemployment,
which recently dipped to 4.2 percent, 100 basis points
lower than this time last year and one of the lowest in
the state.
Rent and occupancy
93.0%
$20.00
Occupancy
92.5%
$19.50
Rental Rate
Peaking
Market
Rising
Market
Falling
Market
Bottoming
Market
Submarket
Boca Raton East
Inventory
YE15
1,988,640
94.7%
Occupancy
MY16
Change
94.1%
-0.6%
$27.97
YE15
Asking Rent
MY16
$25.56
1.0%
Change
-8.6%
$19.00
Boca Raton North
112,465
-
97.4%
-
-
$43.91
-
91.5%
$18.50
Boca Raton West
3,149,885
-
96.3%
-
-
$25.93
-
91.0%
$18.00
Boynton / Lantana
6,414,281
91.1%
91.7%
0.6%
$17.02
$17.62
3.6%
90.5%
$17.50
Delray Beach
4,138,392
93.6%
92.0%
-1.6%
$21.33
$21.99
3.1%
90.0%
$17.00
Jupiter
2,921,840
94.8%
97.1%
2.3%
$18.52
$19.80
6.9%
89.5%
$16.50
North Palm Beach
4,535,548
91.5%
91.4%
-0.1%
$21.29
$21.46
0.8%
Palm Bch City Outlying
2,483,011
-
93.6%
-
-
$20.59
-
89.0%
$16.00
117,228
93.4%
86.3%
-7.2%
$20.19
-
-
Palm Springs / Lake Worth
1,324,457
93.6%
94.4%
0.9%
$12.06
$14.27
18.4%
Royal Palm Beach / Wellington
4,779,859
91.3%
92.1%
0.8%
$17.00
$16.25
-4.4%
West Palm Beach
7,716,145
89.1%
91.3%
2.2%
$15.13
$15.29
1.0%
62,037
-
94.3%
-
-
$13.00
-
39,681,751
91.7%
92.7%
1.0%
$18.40
$18.59
1.0%
MY '11
MY'12
MY'13
MY'14
MY'15
Capital markets activity
$1,800
Palm Beach
Submarket activity
92.0%
Historic Power and Shopping Center Data From CoStar Property and JLL Research
Retail market clock
Average
Occupancy
MY'16
9.0%
$1,600
Rolling 12-Mo Volume
(In Millions)
8.5%
$1,400
Average Cap Rate
8.0%
$1,200
7.5%
$1,000
7.0%
$800
6.5%
$600
6.0%
$400
5.5%
$200
5.0%
$0
MY'11
MY'12
MY'13
Historic Sales Data From Real Capital Analytics and JLL Research
MY'14
MY'15
Palm Beach
West Palm Beach CBD
Palm Beach Market Total
92.7%
6 out of 7
Consecutive
Quarters
Occupancy Growth
Power Center & Shopping Center Market Statistics From CoStar Property
Asking
Rental Rate
1.0%
$18.59
4.5%
MY'16
While the South Florida market is
peaking, Palm Beach still has some
room to run with the lowest occupancy
in the region, a healthy 92.7%.
7 out of 8
Consecutive
Quarters
Rent Growth
Broward
Greater Fort Lauderdale continues to see an increase in
tourism for the 7th consecutive year with 65.3 percent of
foreign visitors from Canada and Latin America (3.4 million
foreign visitors to the area in 2015). With major destinations
such as Sawgrass Mills Mall, including 300+ stores, the area
is a major travel destination for shopping.
Residents in the market are benefiting from a 3.8 percent
increase in annual wage, which in turn has helped retail
sales. With the strengthening economy, additional major
retail projects are in the development pipeline, such as
Metropica, which plans 400,000 square feet of retail in
Sunrise and Dania Pointe, which will include 500,000 square
feet upon completion. Both are incorporated into larger
scale, mixed-use projects that will include residential, office,
and hospitality uses, creating a town square atmosphere.
Retail market clock
Rent and occupancy
94%
$20.50
Occupancy
93%
Rental Rate
92%
Rising
Market
Falling
Market
Bottoming
Market
$19.23
$19.54
1.6%
0.2%
$30.63
$34.20
11.6%
Fort Lauderdale
6,682,892
93.1%
93.8%
0.7%
$21.12
$20.04
-5.1%
Hallandale
2,108,085
90.9%
93.8%
2.9%
$20.09
$22.59
12.4%
Hollywood
5,826,257
94.2%
93.8%
-0.3%
$22.95
$21.34
-7.0%
NW Broward / Coral Springs
8,297,808
91.9%
92.3%
0.4%
$17.38
$18.58
6.9%
8.0%
Rolling 12-Mo Volume
(In Millions)
7.5%
Average Cap Rate
$800
7.0%
$600
6.5%
$400
6.0%
$200
5.5%
$0
MY'11
MY'12
MY'13
Historic Sales Data From Real Capital Analytics and JLL Research
Broward County continues to surge
with the longest consistent streak of
occupancy gains in the state coupled
with less pressure on rents than Miami
and Palm Beach have felt.
0.8%
96.4%
$17.00
$1,000
Peaking
Market
92.7%
96.2%
87%
$1,200
Fort Lauderdale
91.9%
994,974
$17.50
Capital markets activity
MY'14
MY'15
Change
1,630,068
88%
MY'16
0.5%
Cypress Creek
$18.00
MY'15
YE15
Asking Rent
MY16
$19.50
89%
MY'14
YE15
Occupancy
MY16
Change
92.6%
$18.50
MY'13
Inventory
1,046,961
90%
MY'12
Submarket
Commercial Blvd
$19.00
Historic Power and Shopping Center Data From CoStar Property and JLL Research
Submarket activity
$20.00
91%
MY '11
Average
Occupancy
5.0%
MY'16
Downtown Fort Lauderdale
Outlying Broward
94.4%
1.8%
$15.31
$15.60
1.9%
445,554
96.0%
96.6%
0.6%
$19.83
$24.92
25.7%
Plantation
7,850,601
90.2%
90.7%
0.5%
$18.92
$18.43
-2.6%
Pompano Beach
9,125,655
92.6%
93.2%
0.6%
$19.10
$18.28
-4.3%
Sawgrass Park
1,126,282
96.8%
96.4%
-0.4%
$27.60
$28.71
4.0%
Southwest Broward
9,015,709
93.8%
94.3%
0.5%
$23.78
$24.50
3.0%
54,150,846
92.9%
93.3%
0.5%
$19.90
$20.12
1.1%
Broward Market Total
93.3%
17
Consecutive
Quarters
Occupancy Growth
Power Center & Shopping Center Market Statistics From CoStar Property
Asking
Rental Rate
1.1%
$20.12
9 out of 10
Consecutive
Quarters
Rent Growth
Miami-Dade
One of the most coveted retail destinations in the world,
Miami saw another strong year in retail sales, specifically
those made by visitors, as they spent over $7.4 billion on
shopping in 2015. These sales can be contributed to the
6.4% year-over-year increase in total overnight visitors
to the market, reaching a record 15.5 million for 2015.
With this increase in visitors, retail spaces saw sales per
square foot for Miami reach $768, higher than any other
metro area in the U.S. Landlords are taking advantage of
the strong market as the average retail rate rose to $26.00
per square foot in Miami-Dade County, the highest in the
state.
Rent and occupancy
Occupancy
96.5%
$27
Rental Rate
96.0%
$26
95.5%
$25
95.0%
$24
94.5%
$23
94.0%
Retail market clock
$28
97.0%
MY '11
MY'12
MY'13
MY'14
MY'15
Historic Power and Shopping Center Data From CoStar Property and JLL Research
Capital markets activity
$3.0
Miami
Rising
Market
Falling
Market
Bottoming
Market
8.0%
Rolling 12-Mo Volume
(In Billions)
$2.5
Peaking
Market
MY'16
$22
7.5%
Average Cap Rate
$2.0
7.0%
$1.5
6.5%
$1.0
6.0%
$0.5
5.5%
$0.0
5.0%
MY'11
MY'12
MY'13
Historic Sales Data From Real Capital Analytics and JLL Research
MY'14
MY'15
This market is peaking, as we are
seeing declining rental rates for the
first time since early 2013.
Average
Occupancy
Submarket activity
Submarket
Aventura
Inventory
2,269,351
YE15
97.1%
Occupancy
MY16
Change
96.6%
-0.5%
YE15
$35.05
Asking Rent
MY16
$32.17
0.3%
Change
-8.2%
Biscayne Corridor
523,159
86.8%
87.0%
0.2%
$34.40
$36.57
6.3%
Brickell
159,464
100.0%
99.1%
-
$175.00
$147.23
-15.9%
Coconut Grove
511,921
99.1%
97.2%
-1.9%
$40.35
$46.55
15.4%
Coral Gables
395,317
95.6%
97.0%
1.3%
$48.60
$47.14
-3.0%
Coral Way
692,437
97.8%
98.7%
0.9%
$30.15
$29.53
-2.1%
Downtown Miami
120,988
90.4%
90.4%
0.0%
$75.00
$75.00
-
Hialeah Gardens
1,339,134
96.0%
95.0%
-1.0%
$32.44
$17.73
-45.4%
Kendall
10,256,095
97.2%
97.0%
-0.2%
$25.68
$32.76
27.6%
Medley / Hialeah
6,277,951
93.6%
96.5%
3.0%
$26.64
$25.45
-4.5%
Miami
2,142,620
97.1%
94.5%
-2.6%
$26.00
$27.63
6.3%
Miami Airport
7,232,863
97.5%
97.4%
0.0%
$43.33
$27.26
-37.1%
Miami Beach
711,032
94.8%
96.0%
1.1%
$21.52
$44.44
106.5%
Miami Lakes
2,607,978
94.7%
95.5%
0.8%
$17.94
$24.48
36.5%
Northeast Dade
5,660,272
95.2%
96.1%
1.0%
$22.60
$22.17
-1.9%
-3.5%
Outlying Miami-Dade County
204,855
96.0%
83.8%
-12.3%
$24.12
$23.26
South Dade
4,966,745
95.6%
95.7%
0.1%
$19.94
$18.87
-5.4%
West Miami
4,059,503
97.0%
96.9%
-0.1%
$25.15
$27.79
10.5%
50,131,685
96.2%
96.5%
0.3%
$26.31
$26.00
-1.2%
Miami-Dade Market Total
Power Center & Shopping Center Market Statistics From CoStar Property
96.5%
8
Consecutive
Quarters
Occupancy Growth
Asking
Rental Rate
1.2%
$26.00
MY'16
2 out of 3
Consecutive
Quarters
Declining Rent
Leadership team
Doug Irmscher
Market Director
John Lambert
Executive Vice President, Retail Market Lead
As the Market Director for Florida, Mr. Irmscher is
responsible for the profitability and operations of the
firm’s business lines in the state including landlord and
tenant representation, property management, project
and development services, and investment sales within
the office, retail, industrial, hospitality and multi-family
markets.
Based in Orlando, Mr. Lambert is the Retail Market
Lead for Orlando/Florida. He is responsible for the
oversight of all operational functions and collaborates
with clients and client service teams to develop and
implement strategies, which maximize asset value.
Additional responsibilities include serving as the
Agency Leasing Lead, where he is responsible for
the administration and management of leasing brokers and provides strategic
planning and evaluation of remerchandising and redevelopment of properties.
Mr. Lambert also plays an instrumental role in business development and
relationship management for investor and occupier clients seeking retail
services in Florida.
Prior to joining JLL in 2013, Mr. Irmscher spent 19 years with Duke Realty
Corporation where he was Sr. Vice President for their Central Florida Operations
and served on the company’s Management Committee. In that role he was
responsible for the overall profitability and operations of the $300M / 5 million s.f.
office and industrial portfolio. His responsibilities also included new development,
land and building acquisitions and dispositions, leasing, marketing and property
management. Doug has developed over 25 Class A office and industrial projects
in Florida, valued at over $400 million totaling 3.2 million s.f. and completed over
400 lease transactions. Some notable build to suit transactions include Benjamin
Moore, Coca-Cola, CuraScript / Express Scripts, Disney, Iron Mountain and JP
Morgan.
Brett Earp
Vice President, Regional Manager
Mr. Earp is Vice President, Regional Manager for a
portfolio of retail properties for the Florida and Atlanta
markets. He has overall responsibility for relationship
management of existing and prospective clients
seeking retail services. His primary focus is to provide
superior client service and work directly with the clients
to ensure an understanding of investment objectives,
development of property-specific strategic plans, and operating and capital
budgets.
Mr. Earp brings 20 years of real estate industry experience including asset
management and property management with a concentration in office and retail
properties. Prior to joining JLL, Mr. Earp served as Vice President of Property
Management for Colliers International. His responsibilities included the oversight
of property management activities across South Carolina. He also oversaw a
staff of over 60 property managers, administrative and maintenance personnel.
Earlier in his career, Mr. Earp spent over 10 years at a privately held REIT as a
Property Manager and Asset Manager. He has also worked over five years in
supervisory roles at national real estate firms in both property management and
asset management positions. As an asset manager, Mr. Earp has completed over
$100 million of lease transactions, including the purchase and sale of dozens of
commercial properties across the southeast
Mr. Lambert has 20 years of real estate experience in leasing, development,
management, finance and operations. Prior to joining Jones Lang LaSalle,
Mr. Lambert was a partner with Progressive Development Services. In this
role, he was responsible for both debt and equity financing for mixed-use
developments. Additionally, he performed conceptual planning for mixed-use
developments including site and lease plans, establishing market rents and
out parcel pricing. He implemented retail leasing and merchandising plans with
in-house, third party leasing agents and tenant representatives. Mr. Lambert
was also responsible for coordinating property management operations to
include turnover from construction, property operation manual preparation, rent
collection activities and annual operating expense reconciliations.
Denise Cameron
Don Carr
Andy Carlson
VP, Retail Brokerage
Florida and Puerto Rico
Associate, Retail Brokerage
West Florida
Drew Carlson
Suzie Castellon
Kimli Cross
Brandon Delanois
Andrew Dieringer
Ben Forshee
Carrie Froelicher
Cindy Geer
Justin Greider
Naveen Jaggi
Heather Kitchel
Heather Levesque
Valerie Mnayarji
Natalie Puccini
Vanessa Perez
Connie Riggle
Monica Rivera-Pagan
Cesar Rodriguez
Kim Salvatori
Scott Sheron
Glory Sustache
Steve Yenser
Property Manager
South Florida
Sr. Director Retail
National
Brokerage Coordinator
Central Florida
Retail Development
Central and South Florida
Associate, Retail Brokerage
Central Florida
VP, Agency Lead
Statewide
VP, Retail Leasing
Central Florida
President, Retail Brokerage
National
Sr. Analyst, Research
Statewide
Brokerage Coordinator
South Florida
Assistant GM
South Florida
Retail Development Analyst
Central Florida
VP, Regional Marketing Mgr.
National
Carson Good
Managing Director, Capital Markets Retail
Mr. Good is a Managing Director in the JLL Capital
Markets Group. He is responsible for leading the
firm’s Capital Markets team for retail properties and
development sites in the State of Florida.
Prior to joining JLL, Mr. Good served as president of
Good Capital Group, a shopping center and mixed-use
land development and investment company. Before that he served as a senior
executive at Trammell Crow Company, Intram Investments, and The Pizzuti
Organization. Mr. Good’s 25-year real estate career has focused entirely on
retail – developing, leasing and brokering over $3 billion in retail and mixed use
properties. He is active in the community and served on numerous boards, most
recently as Chairman of the Orange County Planning and Zoning Commission.
Senior Analyst
Central Florida
VP, Retail Brokerage
South Florida
Associate, Retail Brokerage
West Florida
VP, Retail Leasing
Statewide
Associate, Retail Brokerage
Florida and Puerto Rico
VP, Retail Brokerage
South Florida
Assistant Property Manager
Central Florida
Brokerage Coordinator
Florida and Puerto Rico
Associate Retail Brokerage
Puerto Rico
EVP, Retail Brokerage
National
Trust our retailntelligence.
www.jllretail.com
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Tampa, FL 33602
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