|Colliers International Market Reports | First Quarter 2020|
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Retail | The first quarter of 2020 was a surprise to many considering the outbreak of the coronavirus. The retail market continued to be stable in all three counties with positive net absorption in an active submarket. Retail in all South Florida counties have remained consistent amid growing worldwide concerns.
Industrial | The COVID-19 outbreak has already had short term impacts on the industrial market while long term impacts continue to play out. The pandemic began to effect South Florida directly near the end of the first quarter when statewide shutdowns and emergency orders took place. Since then, there has been a slowing in deal activity as consumer confidence in the market decreased with widespread stay-at-home orders and decision makers, in the leasing and sales market, pausing deals to understand the implications of the virus. In addition, short term effects of COVID-19 included supply chain disruptions countered by increased activity in the ecommerce sector. Social distancing and contamination concerns along with preventative habits have changed the way these employees work and is likely to carry over post-pandemic.
Office | In the first quarter of 2020, Miami-Dade County experienced ten-year lows of leasing and sales activity. The three largest South Florida sales of the first quarter of 2020 occurred in Palm Beach County, each exceeding $30 million. Broward County’s office market continue to be an attractive investment because of its exceptional location and the continual lowering of interest rates. Coworking operators could be affected heavily with their mixed tenant base of freelancers, start-ups and satellite offices to national firms.
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Regional Market Transactions & Highlights
Miami-Dade, Broward, and Palm Beach counties
Vacancy & Absorption Rates
Notable Leasing Activity
User & Investment Sales
Submarket & County Breakdowns
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