Shopping Center Vacancy In Florida August 2020 by Donna Coquilla
The coronavirus lockdown that has paralyzed the economy for six weeks has emerged in Florida, allowing business owners, workers and consumers to campaign for what should look like normal amid an ongoing public health crisis. Three dozen malls have reopened and 68 stores in the state, with Florida’s health department saying they are more likely to return to business in the next six to eight weeks. As of Monday, 49 properties in 10 states had been affected, with three dozen others in four more states.
In May 2020, Miami – Fort Lauderdale – West Palm Beach MSA ( Broward, Miami – Dade, and Palm Beach counties ) experienced a 48.0 % y – o – y drop in sales of single – family homes.
Retail vacancy rates in Miami – Dade, Broward and Palm Beach counties were 4.2 %, 4.1 %, and 4.7 %, respectively, in the second quarter, according to Colliers International South Florida.
On the other hand, closed sales increased by 9.4 % in Palm Beach County, 42.6 % in Martin County, and 20.5 % in St. Lucie County.
Joshua Ladle, CEO of Boca Raton – based shopping center investment fund 11th Street, said grocery, fitness centers, home goods retailers, family entertainment, and pet stores are among the tenants that have found space in empty retail boxes in Broward and Palm Beach counties.
According to a Coresight Research report on Aug. 16, there were 7,922 store closings and 3,231 store openings in the U.S.
The closure of large retail stores such as Toys “R” Us and Sears left employees in a bad spot, but created opportunities to breathe new life into South Florida retail centers.
This is where the massive decline in sales in the luxury market has pulled down the stats for the South Florida real estate market as a whole.
Retail has also changed. Kissimmee, which is related to Lake Buena Vista, has reopened in Phase 3 as per guidelines, but only one of the three stores is open, with opening hours slightly changed to 9 a.m.
Weingarten Realty has owned and operated the mall in Lake Buena Vista, Florida’s second largest city, since 2001 and is a popular place for fun shopping. Major tenants include Walmart, Ross, Target, Macy’s, Nordstrom, Home Depot, Best Buy and outlet stores.
Donna Jean Coquilla
August 28, 2020
