April 4, 2022
The Fort Lauderdale DDA recently hosted its latest version of The Pulse on Downtown Fort Lauderdale: Market Report Series. The event marked the official release of the Spring 2022 DowntownFTL Commercial Real Estate Market Report prepared by Colliers International. Hosted by the DDA's President and CEO Jenni Morejon, the Residential Real Estate Market Report was presented by Ken Krasnow of Colliers International.
Key takeaways from the report are that:
Population is projected to approach 30,000 by 2026.
49% of residents are between the ages of 20 and 44.
DowntownFTL has a higher residential occupancy rate than Downtown Miami.
There is a 98% occupancy rate in stabilized buildings (multifamily buildings that are not currently leasing up), signaling strong demand for existing inventory.
On non-traditional investors like Grant Cardone and Adam Neuman investing in DowntownFTL: “Downtown Fort Lauderdale has been a popular place for institutional investors. Now, it’s cool to invest in DowntownFTL.”
The event focused on the story of both longtime and new residents, how they came to love being in DowntownFTL and their optimism for the future of the city.
From Brandon & Nicole Wells, Wells Coffee Co.:
On how the pandemic changed their perspective of Fort Lauderdale: “The pandemic forced everyone to slow down and that really where our love from the city really came out- from biking around the city and exploring different neighborhoods.” “This a place we can call home for a very long time.”
On their connection to Flagler Village: “Part of what keeps you connected to cities are gathering places. To have gone into Flagler Village in 2016 and being part of that growth and transformation has been magical.” “People are looking for places to feel connected.”
On moving to DowntownFTL with teenagers: “When we moved, we had middle schoolers. Now our kids are in high school and college trying to figure out life. They love downtown and the beach- it is all their playground.”
Favorite events: anything at The Parker or Broward Center
Favorite restaurants and coffeeshops: Heritage, The Katherine
Favorite Park: Birch State Park
From Dr. Ty Richardson, Serial-Entrepreneur, Author & Coach:
On how living in DowntownFTL makes it possible to engage in the community: “There is so much to do…its all around you. There are so many people wanting to do stuff. You just need one jumping point to the host of opportunities available to you.”
On moving around DowntownFTL: “I bought a car in 2019 and 3 years later have only 12,000 miles on the car because I walk everywhere.”
I have lived in 8 cities all over the world. “When I lived in San Francisco pockets of the city have its own neighborhoods. And Fort Lauderdale is the same way. When I moved from Icon to 4 West, it was like getting to explore a whole new neighborhood that compares to major cities.”
Favorite events: Winterfest Boat Parade, Men of Style at Galleria
Favorite restaurants: Posh, Tower Club
Favorite Park: Huizenga Park
From Chad Scott, Realtor:
When deciding where to move in 2010: “I realized Fort Lauderdale has a new generation of residents demanding great amenities. I’m never leaving, knew I wanted to raise my family here and am excited about the future.”
On the growth of Flagler Village: “It was exciting to see everything pop up. It felt new and fresh at the grassroots. I’m excited that the neighborhood has dramatically changed, and I have access to Brightline and new cultural events.”
On pushing strollers through downtown: “I get very excited when a new building is built because of the new sidewalks and tree canopy.…“everyone in my building wants to stay forever with their kids in Flagler Village.”
Favorite events: Day of the Dead, Food In Motion at Feldman Park
Favorite restaurants and coffeeshops: OB House, Wells Coffee
Favorite Park: Feldman Park
The Spring 2022 Commercial Real Estate Report can be found at https://www.ddaftl.org/residentialreport and the virtual panel event can be watched at https://www.youtube.com/watch?v=WnR-ZANbZP8.