|Colliers International Market Reports | Second Quarter 2020
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Retail | Following a strong start to the year in the first quarter of 2020, the impact of COVID-19 is beginning to reveal itself in the second quarter market statistics. Luckily, retailers are innovating and finding creative ways to continue providing services and products to consumers in the “new normal.” In Miami Dade, early signs of a strained retail sector emerge as vacancy rates rise to 4.5 percent and net absorption turns negative, however, retailers are showing resiliency as they anticipate broader reopening plans. Vacancy rates in Broward County inch up 20 basis-points quarter-over-quarter to 4.7 percent and net absorption records at negative 260,422 square feet in the second quarter. Palm Beach County saw a 50 basis-point increase in vacancy rates quarter-over-quarter to 4.9 percent and a negative net absorption of 289,840 square feet
Industrial | Miami-Dade County’s industrial market proves to be the most resilient sector in South Florida in the face of COVID-19, however, market indicators such as the uptick in vacancy rates must be evaluated with context. In Broward County, a number of driving forces have kept the industrial market on solid footing in the face of the global pandemic. Several major leases were executed this quarter reflecting the County’s response to ensuring efficient and resilient supply chains. In spite of the challenges presenting many businesses in the face of the global pandemic, Palm Beach County’s industrial market showed signs of stability in the second quarter of 2020.
Office | Vacancy rates are inching up as the impact of COVID-19 takes its toll on companies, particularly those in the air and cruise line business, as well as related businesses serving those industries such as marketing and advertising firms. As companies re-evaluate their floor plans and consider potential space needs moving forward, suburban markets are looking more favorable with larger floor plates and lower rental rates.
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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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