Commercial Markets

 

The time is right to invest in real estate when starting or growing a business in Hollywood. Prime locations will give you a leg up on your competition and get your products and services to market faster and at a lower cost. Hollywood Florida offers all the amenities and resources national and international companies seek when looking for a location to call home. 

Source: Costar, 2/2023

Hollywood Office Submarket



The City of Hollywood market is a center of employment in professional services and healthcare. There are three main office nodes along Hollywood Boulevard, Sheridan Street, and Downtown. The vacancy rates was one of the tightest in the Fort Lauderdale Metro area through February, 2023. Rents are slightly less expensive than the metro average. 


Source: Costar, 2/2023


Availability

Source: CoStar 2/2023
Available Asking Rent/Square Feet $33.30
Rate 6.2%
Vacant Square Feet 369,000
Available Rate 8.0%
Available Square Feet 516,000

Inventory

Source: CoStar, 2/2023
Existing Bldgs 627
Inventory Square Feet 6.4M
Average Square Feet 10,100
Under Construction Square Feet 120,000
12 Month Delivered Square Feet 0

Demand

Source: CoStar, 2/2023
12 Month Net ABS Square Feet 52,000
6 Month Leasing Probability 37.4%

Sales Past Year

Source: CoStar, 2/2023
Properties Sold 46
Sale Price/Square Feet $263
Average Market Sale Price $2.7M
Sales Volume $60.7M
Market Cap Rate 6.9%


Hollywood Industrial Submarket


The industrial submarket in Southeast Florida remains competitive. 


Tenant interest continues to grow in prime industrial areas of Hollywood. Hollywood's industrial sites are populated by a wide variety of business sectors that include aerospace companies, advertising agencies, uniform, and facility services providers, and architectural and interior design firms. An eclectic cluster of high-end design firms has formed the South Florida Design Park which features Jerry Pair, Stark Carpet, Scalamandré, Stephen Turner, J Nelson, Judith Norman Now, Snaidero, and Florida Blinds & Drapery among others.
  

Source: Costar, 2/2023

Availability

Source: CoStar, 2/2023
Asking Rent/Square Feet $20.39
Vacancy 2.6%
Vacant Square Feet 842,000
Available 4.3%
Available Square Feet 1.5M

Inventory

Source: CoStar, 2/2023
Buildings 1,956
Inventory Square Feet 32.8M
Under Construction 785,000
12 Month Deliveries 404,000

Demand

Source: CoStar, 2/2023
12 Month Absorption Square Feet 401,000
6 Month Leasing Probability 54.2%

Sales

Source: CoStar, 2/2023
Properties 117
Sales Price/Square Feet $269
Asking Price Per Square Feet $4.6M
Sales Volume  $265M
Cap Rate 5.4%


Hollywood Retail Submarket


Interest in Hollywood’s urban and suburban core retail market from national tenants continues to grow at a steady and sustainable pace. The Place at Hollywood, a Wal-Mart anchored shopping center, continues to reshape and drive demand along the State Road 7 Corridor on Hollywood's west side. 


Florida’s Hollywood, voted one of the nation’s top 25 beach destinations by TripAdvisor®, continues to attract tourists from around the world. This consistent influx of visitors creates a steady demand for quality retail and entertainment options.
 
Source: Costar, 2/2023

Availability

Source: CoStar, 2/2023
Asking Rent/Square Feet $32.18
Vacancy 3.1%
Vacancy Square Feet  366,000
Available 3.3%
Available Square Feet 395,000

Inventory

Source: CoStar, 2/2023
Buildings 1,106
Inventory Square Feet 11.8M
Average Building Square Feet 10,700
Under Construction 74,800
12 Month Deliveries 9,100

Demand

Source: CoStar, 2/2023
12 Month Absorption Square Feet 95,000
6 Month Leasing Probability 38.8%

Sales

Source: CoStar, 2/2023
Properties 74
Sale Price Per Square Feet $329
Asking Price Per SQuare Feet $3.5M
Sales Volume (Mil.) $83.6M
Cap Rate  5.6%