South Florida total retail transactions increased 7.5 percent year-over-year in 3Q 2018, according to the 3Q 2018 The Quarterly Report – South Florida Commercial Real Estate released by data firm Vizzda (Visual Data) and the MIAMI Association of Realtors Commercial (MIAMI Commercial).
Miami-Dade, Broward and Palm Beach counties registered 216 combined retail transactions in 3Q 2018, up 7.5 percent from the 201 retail transactions posted in 3Q 2017. It marked South Florida’s second consecutive quarter of retail transactions growth and the first time since 3Q 2017 South Florida retail has recorded more than 200 transactions in a quarter.
“Retail follows rooftops,” said MIAMI Commercial President Jennifer Wollmann, an associate with EWM Realty International in Coral Gables. “South Florida’s population boom, a strong housing market and booming tourism are driving South Florida retail growth. As Broward and Palm Beach counties residential population grows, many retailers are finding opportunities in Broward and Palm Beach.”
Miami-Dade County and Broward County Retail Transactions Each Jump More than 15 Percent
Miami-Dade County’s 83 retail transactions in 3Q 2018 represent a 15.2 percent increase from 2Q 2018 and tie the second-highest quarterly total for the past five quarters. Dollar volume for retail property also enjoyed its second highest value from 3Q 2017.
At $477 per square foot, Miami retail valuations for retail property are nearly 67 percent above the average realized in 2Q 2018 and represent the first quarterly average above $400 in over a year.
Broward County retail sales increased to the highest level in more than year, recording 83 transactions with strong quarterly and annual growth.
Palm Beach, meanwhile, posted 50 retail transactions in 3Q 2018, up 6.4 percent year-over-year. The figure tied with 2Q 2018 for the most sales in over a year. Consistent transaction volume of about 50 sales has yielded a wide range of dollar and square footage volumes over the previous year.
Broward County Industrial Average Price Increases to $131 per Square Foot
Average price per square foot in Broward County rose to $131 per square foot in 3Q 2018, the highest for the market since 1Q 2018.
In Miami-Dade County, the total square footage of industrial transacted continued its growth from 2Q 2018 and registered a total above 3.5 million square feet for the first time since 3Q 2017.
Palm Beach industrial sales were down for a second straight quarter resulting in declines in square footage and dollar volume transactions. But the magnitude of the reduction of the latter two metrics was roughly the same, resulting in per square foot valuations that were unchanged from 2Q 2018.
Miami-Dade County Multifamily Dollar Volume Jumps 133.6 Percent
Miami-Dade County multifamily dollar volume increased by more than 133.6 percent, from $232.9 million in 2Q 2018 to $544.2 million in 3Q 2018.
Broward County saw substantial increases in both dollar volume transacted and units sold on transaction volume that was consistent with the previous two quarters. Broward multifamily realized its highest per unit valuation in more than a year at just over $203,600 per unit in 3Q 2018.
Palm Beach multifamily total dollar volume hit its lowest point in five quarters. Dollar per unit fell by 34.6 percent to $153,000.
Click here to read the complete 3Q 2018 The Quarterly Report – South Florida Commercial Real Estate.