The Native Realty CEO shared insights on how the region’s retail sector will handle the continued fallout from the pandemic in the year ahead as part of Bisnow reporter Deirdra Funcheon’s article. Sturgis noted that one positive trend for South Florida retail landlords is that restaurant owners from the Northeast are eager to relocate here.
South Florida Retail Dodged Bullets This Year, But More Shakeout Is Expected In 2021
For some retailers, nabbing the best location means being in Florida. The state has strong demographic trends with nearly 1,000 people per day moving in.
“Jaime Sturgis, founder and CEO of Fort Lauderdale-based commercial real estate brokerage Native Realty, told Bisnow that it has seen something similar. “Our firm is about to complete a lease with a New Jersey-based restaurant group for ground-floor retail space at PMG’s Society Las Olas in downtown Fort Lauderdale,” he said.
Sturgis is also in talks with another operator who’s leaving the Northeast after three decades. He said this activity highlights how difficult it is to stay open in the Northeast amid virus-related lockdowns, and how business owners see South Florida as a refuge.”