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DOWNTOWN FORT LAUDERDALE
South F lor ida Off ice Brokers Associat ionM a y 1 1 , 2 0 1 7
I-95
I -595
Sunrise Boulevard
Las Olas BoulevardBroward Boulevard
Fede
ral H
wy
DDA District
Downtown Regional Activity Center
South Regional Activity Center
State Road 84
DDA Fort Lauderdale
Established in 1965
7-Member Board of Directors
370-Acre district
Vision Statement: “A World-Class Downtown
Center”
Mission Statement: Stimulate and sustain economic development in Downtown Fort
Lauderdale by facilitating commercial, office, residential,
transportation, cultural and government uses that result in a
strong, viable and inclusive urban center.
Jenni MorejonExecutive Director
Presentation by Fort Lauderdale DDA, May 11, 2017
Early DDA Redevelopment EffortsIn the 1970’s the DDA invested $10.5 million to help stimulate redevelopment in a sterile downtown
The DDA acquired 14 acres of land to promote redevelopment, including the most notable civic and cultural institutions
Presentation by Fort Lauderdale DDA, May 11, 2017
All-America City - National Civic League
Most Diverse City in Florida - WalletHub
Top 10 Most Exciting Places in Florida - Movoto National Real Estate
Top 10 Best U.S. Cities for Small Businesses - Biz2Credit.com
Top 10 Best Cities for Millennial Job Seekers in Florida - Nerd Wallet
Top 10 Best Downtowns - Livability.com
Top 10 Best Cities to Move to in 2014 - SML National Moving
Top 10 Mid-Sized American Cities to Visit - World Property Journal
Top 10 Small American Cities of the Future - fDi Magazine
Top 10 Best Places for Veterans to Live - Best Places for Veterans Report
Top 10 American Dream Cities - Xavier University
Top 10 Greenest Mid-Sized Cities - MyLife.com
Top 10 Destinations for New Year's Eve - ThePointsGuy.com
Top 10 Best Fourth of July Fireworks Shows - USA Today
Top 10 Best Cities for Parking - NerdWallet.com
Top 10 Best Places to Retire - Money Magazine
Top Ranked City for Hispanic Entrepreneurship Rate - WalletHub
Best City to Find A Job in Florida - WalletHub
Most Popular U.S. Beaches - The Daily Beast
Best Beach Towns to Explore on Foot - Huffington Post Travel
Happiest Cities for Young Professionals - Forbes Magazine
Best Places for Business and Careers - Forbes Magazine
Best City in Broward - Broward New Times
Top 20 most romantic mid-sized City in America - Movoto National Real Estate
Most Diverse City in Florida - WalletHub
Top State Where Americans Would Most Like to Live - The Harris Poll
Best City to Find A Job in Florida - WalletHub
Top 20 Best Foodie Cities for Your Wallet - WalletHub
Top 10 Great Cities for Family Vacations - Vacation Critic Travel Planning Guide
Top 10 Most Affordable Summer Destinations - GoBankingRates.com
Top 10 Most Affordable U.S. Travel Destinations - SmartAsset.com
Top 10 Summer Vacation Destinations - AAA Travel
Top 100 Best Cities to Start a Business - WalletHub
11th Greenest City in the United States - Nerdwallet.com
Top 50 Cities in the U.S. for Technology Talent - CRBE
Top 5 Best Florida Beaches - U.S. News and World Report
Top 10 Best Places to go in Florida - Smartertravel.com
Top 10 Best Holiday Events - USA Today
Top 10 City for Real Estate Investment - Forbes, Inc.
Top 20 Global and Emerging Logistics Hubs - CRBE
Top 25 Beach in the United States - TripAdvisor Travelers' Choice Awards
#1 Mid-Sized City in America for Nightlife - Gogobot
Top 100 most diverse cities in America - WalletHub
Top 10 Happiest City in Florida - OnlyinYourState
Now Nationally Recognized
Presentation by Fort Lauderdale DDA, May 11, 2017
Ingredients for Success1: Development + Growth
2: Modern Transit Options
3: Commercial + Cultural Amenities
4: Public Realm Investment
5: Iconic Civic Facilities
Presentation by Fort Lauderdale DDA, May 11, 2017
1 Development + Growth
2003 to 2017
Presentation by Fort Lauderdale DDA, May 11, 2017
Early Residential Renaissance
River‐front Condominiums & Pioneering Loft Developers
1
Presentation by Fort Lauderdale DDA, May 11, 2017
Post-Recession InvestmentOver $2 Billion in Construction Valuecompleted – under construction – approved – in review
RETAIL433,000 sf
RESIDENTIAL11,200 Units
OFFICE1,562,000 sf
Source: City of Fort Lauderdale, May 2017
COURTHOUSE750,000 sf
HOTEL1,200 rooms
1
Presentation by Fort Lauderdale DDA, May 11, 2017
Downtown Developments1
Presentation by Fort Lauderdale DDA, May 11, 2017
FTL Multifamily Market TrendsEffective rates in Downtown Fort Lauderdale are 40% more than the County’s average.
Rents soared by 40 percent over the past five years, driven by the influx of millennials seeking a live‐work‐play lifestyle.
A wave of new development is driven by a population unable to enter the property ladder due to housing prices and a strained supply.
Units under construction represent 20% of existing supply.
MARKET INDICATORS Broward County Downtown Fort Lauderdale
Inventory (Units) 196,206 12,491
Vacancy Rate 5.8% 5.8%
EFFECTIVE RENTS
Q1 2017 $1.40 PSF $1.96 PSF
5 Year Rent Growth +24% +40%
Forecasted Annual Rent Growth +4.6% +4.8%
DELIVERIES
Units (Q1 2017) 398 16
Units (2016) 3,240 264
UNDER CONSTRUCTION
Units 8,873 1,194
Source: Costar, Colliers International
Q1 2017
Despite new construction, vacancy rates are projected to decline due to millennials preference to rent over ownership.
1
Presentation by Fort Lauderdale DDA, May 11, 2017
Two Financial PlazaRBA: 500,000 SF, Class AStatus: ProposedOwner: Crocker
Bank of America/Broward College SiteRBA: 300,000 SF, Class AStatus: Proposed Owner: Stiles Corp.
EMERGING TRENDS | Fort Lauderdale Office Market Overview
70%
THE FUTURE OF THE DOWNTOWN OFFICE MARKETShortage of Class A available office product in
downtown Fort Lauderdale.
The rise in co‐working and creative spaces is a trend in the “sharing economy” – 36% growth since 2014.
Firms are using contract workers, enabling telecommuting and shifting to layouts requiring less space per worker.
Particularly active industries include healthcare, law, financial and technology (fin‐tech) firms in the CBD.
Trump’s stimulus package should further increase job growth in late 2017 and into 2018, providing more need for office space.
Suburban office tenants are drawn to the increase in residences, restaurants and services in the urban core.
FTL Office Market Trends1
Presentation by Fort Lauderdale DDA, May 11, 2017
2 Modern Transit Options
Presentation by Fort Lauderdale DDA, May 11, 2017
2
Presentation by Fort Lauderdale DDA, May 11, 2017
Artist Rendering of Tunnel Top Park
3 Public Realm Investments
Presentation by Fort Lauderdale DDA, May 11, 2017
3
Presentation by Fort Lauderdale DDA, May 11, 2017
4 Commercial & Cultural Amenities
New Restaurants, Beer Gardens, Cigar Bars
Presentation by Fort Lauderdale DDA, May 11, 2017
4
FATVillage and MASS District
Presentation by Fort Lauderdale DDA, May 11, 2017
5 Iconic Civic Facilities
New County Courthouse
Presentation by Fort Lauderdale DDA, May 11, 2017
5
New Federal Courthouse and Joint City|County Government Campus
Presentation by Fort Lauderdale DDA, May 11, 2017
What’s Next? What’s Needed?1: More Housing Development
2: Quality of Life Improvements
3: Public Realm Investments
Presentation by Fort Lauderdale DDA, May 11, 2017
WHAT’S NEXT? MORE HOUSING
>> Create a critical mass of residents
>> Provide modern housing options for allCurrently 15,000+/- units in Downtown | Long-Term supports 40,000+/- units
Presentation by Fort Lauderdale DDA, May 11, 2017
WHAT’S NEXT? SUPPORT QUALITY OF LIFE
>> Address homelessness
>> Ensure a safe and welcoming downtown
>> Density promotes more services and retail choices
>> Continue to encourage vibrant culture and arts scene
Presentation by Fort Lauderdale DDA, May 11, 2017
WHAT’S NEXT? INVEST IN PUBLIC REALM
>> Transportation and infrastructure investments
>> Pocket parks and urban plazas
>> Neighborhoods anchored by great public open spaces
>> Safe and attractive streetscapes with sidewalks, trees, lighting
Presentation by Fort Lauderdale DDA, May 11, 2017
www.ddaftl.org
Presentation by Fort Lauderdale DDA, May 11, 2017
