Native Realty CEO Jaime Sturgis spoke with The Real Deal‘s Francisco Alvarado about the state of the South Florida retail market. Alvarado’s piece focused on the lack of new construction deliveries in key markets across the region during the fourth quarter of 2023.
“The slowdown in new retail space has resulted in high demand for limited space in the tri-county region, according to commercial brokers and landlords. Older shopping centers and retail plazas are being torn down to make way for multifamily-focused mixed-use projects, which is also contributing to an increase in tenants jumping into the leasing market,” Alvarado wrote.
“There hasn’t been a lot of new retail development that has occurred in the last cycle, especially in the urban cores,” Jaime Sturgis with Fort Lauderdale-based Native Realty told The Real Deal. “There has also been a lot of new multifamily development replacing [existing retail sites.] It has taken some inventory off the shelf.”