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Category: Shopping Centers Tags: Florida, market report, Multi-Tenant Retail, Q3 2021
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Initially, South Florida suffered substantial economic disruption when COVID-19 hit as tourism came to a halt. The hospitality and leisure industry accounts for 15 to 20 percent of the workforce, depending on the market. However, the job market has since rebounded, with tourists adjusting to the new normal and eager to vacation again. Investors have heightened interest in the multi-tenant space, especially retail centers with attractive end-caps and strong anchor tenants, such as grocery stores or discount retailers. Both private and institutional capital is equally targeting shopping centers. Across the nation, shopping center cap rates compressed in 2021 compared to 2020, reaching seven percent, a ten basis-point decrease. Grocery-anchored centers have retained shoppers due to their essential nature, and investors have flocked to the safety of the retail asset type. In fact, grocery-anchored retail assets reached a record high in the U.S., totaling $5.3 billion in Q3 2021.

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