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2023 DowntownFTL RETAIL MARKET REPORT

RETAIL MARKET REPORT 2023 Executive Summary Retailers and restaurateurs are benefitting from DowntownFTL s critical mass of residents An 8K increase in the downtown population over the last 5 years helped drive a 28 increase in retail and dining options adding 148 new restaurants and shops to downtown DowntownFTL s vacancy rate is at a 10 year low of 3 1 highlighting a healthy retail market in need of additional options to serve a critical mass of downtown residents The concentration of residents within a 1 square mile radius of Las Olas 12K is greater than the density near Lincoln Road 9K Delray Beach s Atlantic Avenue 8K and Coconut Grove 7K Flagler Village DowntownFTL s fastest growing neighborhood is poised to see major investment by retailers adding new options to the district Las Olas Boulevard is experiencing high visitation levels compared to other hot South Florida retail hubs Las Olas has more unique annual visitors 1 9M than hot retail markets like Clematis and The Square 1 5M Delray Beach s Atlantic Avenue 1 5M and Coconut Grove 1 2M Las Olas had added 300K unique visitors since 2019 outpacing the growth of Atlantic Avenue 100K Clematis 0 and Lincoln Road 300K DowntownFTL s retail market is competitive with other hot Sun Belt cities DowntownFTL has a greater concentration of restaurants and shops 303 per square mile than Downtown Nashville 230 per square mile Compared to Austin Nashville and Tampa DowntownFTL had the greatest decline in vacancy rates from 2019 to 2022

RETAIL MARKET REPORT 2023 DowntownFTL Urban Core 2 2 24 429 27 755 SQUARE MILES TOTAL POPULATION PROJECTED POPULATION FOR 2027 50 PLANNED DEVELOPMENT PROJECTS ULI PwC Magnet 18 Hour City Charlotte Denver Fort Lauderdale Minneapolis Portland Salt Lake City San Diego The DDA taxing district is highlighted in yellow The agency advocates for the Greater Downtown core stretching from Sunrise Boulevard to the north SE 17th Street to the south 7th 4th Avenue to the west and US1 to the east including the East Las Olas area

RETAIL MARKET REPORT 2023 TABLE OF CONTENTS 01 Retail Follows Rooftops 02 03 Regional Market Comparison National Market Comparison

01 Retail Follows Rooftops

RETAIL MARKET REPORT 2023 Retail Follows Rooftops An 8K increase in the downtown population over the last 4 years helped drive a 28 increase in shopping and dining options 53 DowntownFTL Population 28 Total Retail Growth Rate 30 000 Growth Rate 800 700 24 495 25 000 500 20 000 685 Retailers 600 400 537 Retailers 300 15 000 200 15 539 100 10 000 0 2018 2022 2018 2022

RETAIL MARKET REPORT 2023 Who s Here 5 15 000 24 999 10

3 Ages 0 4 RETAIL MARKET REPORT 2023 With 6 000 new residents over the past two years and peaking at 250 move ins per month Downtown Fort Lauderdale has emerged as an attractive destination for all ages 21 Ages 55 15 Ages 45 54 Population Growth 2 Ages 10 14 13 Ages 15 24 Population by Ages 2018 TO 2022 27 Ages 25 34 55 77 45 54 2 Ages 5 9 16 Ages 35 44 46 35 44 70 25 34 58 Nearly half of DowntownFTL residents are aged between 25 and 44 signaling that the city has emerged as destination for young professionals 30 15 24 70 0 14 0 10 20 30 40 50 60 70 80 90 Since 2018 there has been a 70 increase in the number of kids living in DowntownFTL

RETAIL MARKET REPORT 2023 Downtown Fort Lauderdale Retail Hubs These two shopping and dining corridors are the most prominent retail hubs in DowntownFTL LAS OLAS FEDERAL HIGHWAY 59 67 48 97 Average Rental Rate with recent deals reported to exceed 70 per square foot Average Rental Rate with recent deals reported to exceed 50 per square foot 2 7 3 6 Vacancy Rate Vacancy Rate 152 814 141 483 Average Household Income Average Household Income 442K Sq Ft 170K Sq Ft Inventory Inventory

RETAIL MARKET REPORT 2023 New and Coming Soon Las Olas Downtown Core 78 4 Population Growth Since 2010 14 205 Population Per Square Mile 5 178 Number of Residential Units

RETAIL MARKET REPORT 2023 New and Coming Soon Flagler Village Federal Highway 106 6 Coming Soon Population Growth Since 2010 90K SF 14 824 of retail in T3 FAT Village Population Per Square Mile Out of more than 5 805 Number of Residential Units 300K SF of retail in residential projects on the way

02 Regional Market Comparisons

RETAIL MARKET REPORT 2023 DowntownFTL s retail market is strong with the vacancy rate at a 10 year low of 3 1 DOWNTOWNFTL HISTORICAL VACANCY RATES 2022 VACANCY RATES 14 0 14 0 12 0 12 0 10 0 10 0 8 0 11 9 8 0 6 0 6 0 4 0 4 0 3 1 2 0 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 3 1 3 6 4 3 2 0 0 0 DowntownFTL Broward Suburban National Downtown Miami

RETAIL MARKET REPORT 2023 Market Comparison Regional Retail Hubs With a lower vacancy rate and lower rents than comparable South Florida cities DowntownFTL can support additional retail inventory AVERAGE RENTAL RATE VACANCY RATE Flagler Village Federal Highway 46 71 Las Olas Downtown Core 2 7 Las Olas Downtown Core 53 00 Atlantic Avenue 2 8 Coconut Grove 60 68 Coconut Grove 3 3 Atlantic Avenue 61 15 Flagler Village Federal Highway 3 6 Wynwood 70 16 Wynwood 10 8 Lincoln Road 15 6 Lincoln Road 125 68

RETAIL MARKET REPORT 2023 Market Comparison Regional Retail Hubs The residential density in DowntownFTL s retail hubs is greater than Lincoln Road Atlantic Avenue and Coconut Grove Household income in DowntownFTL s retail hubs is greater than all major regional retail districts AVERAGE HOUSEHOLD INCOME RESIDENTS IN A 1 SQUARE MILE RADIUS Wynwood 19 289 Las Olas Downtown Core 152 814 Flagler Village Federal Highway 12 305 Flagler Village Federal Highway 141 483 Las Olas Downtown Core 12 079 Coconut Grove 133 737 Lincoln Road 8 895 Atlantic Avenue 126 882 Atlantic Avenue 7 969 Lincoln Road 108 494 Coconut Grove 7 384 Wynwood 92 972

RETAIL MARKET REPORT 2023 Las Olas is experiencing high visitation compared to other South Florida retail hubs Las Olas Boulevard has more unique visitors than top retail hubs in West Palm Beach Coconut Grove and Delray Beach Visits to Las Olas are growing faster than other South Florida retail hubs TOTAL UNIQUE VISITORS 2022 TOTAL NEW ANNUAL VISITORS SINCE 2019 Lincoln Road 2 3M Las Olas 300K Las Olas 1 9M Coconut Grove 300K Atlantic Ave 1 5M Atlantic Ave 100K The Square 1 5M The Square Coconut Grove 1 2M Lincoln Road 0 300K

03 National Market Comparisons

RETAIL MARKET REPORT 2023 Market Comparison Sun Belt Downtowns DowntownFTL has a greater concentration of restaurants and shops than the downtowns in Atlanta Nashville and Tampa DowntownFTL residents have a higher household income than residents the downtowns in Atlanta Nashville and Tampa RESTAURANTS AND SHOPS PER SQUARE MILE AVERAGE HOUSEHOLD INCOME Downtown Austin 385 DowntownFTL DowntownFTL 303 Downtown Nashville 230 Downtown Atlanta Downtown Tampa 190 104 Downtown Austin 196 075 DowntownFTL 146 358 Downtown Nashville 132 140 Downtown Tampa 92 072 Downtown Atlanta 88 476

RETAIL MARKET REPORT 2023 Market Comparison Sun Belt Downtowns DowntownFTL s urban core has double the retail inventory of Downtown Tampa and more space available than Downtown Austin Average rental rates in Fort Lauderdale s urban core are growing at a faster rate than in other hot Sun Belt cities SQUARE FOOTAGE AVERAGE RENTAL RATE Downtown Nashville 3 6M SF DowntownFTL Downtown Atlanta 3 5M SF Downtown Nashville DowntownFTL 3 0M SF Downtown Austin Downtown Austin 2 5M SF Downtown Tampa Downtown Tampa 1 5M SF Downtown Atlanta 44 22 10 9 YOY Rent Growth 34 42 9 3 YOY Rent Growth 34 19 2 4 YOY Rent Growth 30 01 8 7 YOY Rent Growth 28 54 5 8 YOY Rent Growth

RETAIL MARKET REPORT 2023 Market Comparison Sun Belt Downtowns DowntownFTL s record low vacancy rate is equivalent to the vacancy rates in Tampa Austin and Nashville 2022 VACANCY RATES Compared to the other hot Sun Belt cities listed DowntownFTL has experienced the greatest decline in vacancy levels since 2019 2022 VACANCY RATE VS PRE PANDEMIC PERCENTAGE POINT Downtown Nashville 2 2 DowntownFTL 3 0 Downtown Austin 2 6 Downtown Tampa 2 2 DowntownFTL 3 1 Downtown Nashville 1 8 Downtown Tampa 3 4 Downtown Austin 0 4 Downtown Atlanta 10 2 Downtown Atlanta 1 5

RETAIL MARKET REPORT 2023 Compared to pre pandemic levels DowntownFTL is seeing higher levels of foot traffic compared to peer Sun Belt cities 2022 Retail Foot Traffic vs Pre Pandemic 140 120 114 100 84 80 77 60 40 20 0 DowntownFTL Downtown Austin Downtown Nashville

RETAIL MARKET REPORT 2023 Centrally connected districts like Downtown Fort Lauderdale thrive due to a critical mass of residents and a dynamic mix of uses As new shopping and dining options come online Downtown Fort Lauderdale will continue to emerge as a premier destination for world class retail Dev Motwani Managing Partner Merrimac Ventures DDA Board Member

RETAIL MARKET REPORT 2023 About the DDA The Fort Lauderdale Downtown Development Authority DDA is a public private partnership agency that powers the experience growth and prosperity of Downtown Fort Lauderdale The DDA strives to grow DowntownFTL with major investments in real estate infrastructure and transportation improve public spaces like streets and parks for all to enjoy and connect the city through partnerships that celebrate community

RETAIL RETAILMARKET MARKETREPORT REPORT2023 2023 About Colliers Colliers is an industry leading global real estate company with more than 18 000 skilled professionals operating in 65 countries What sets us apart is not what we do but how we do it Our enterprising culture encourages our people to think differently share great ideas and create effective solutions that help clients accelerate their success Colliers delivers a full range of services to real estate occupiers owners and investors across all sectors worldwide Our clients depend on our ability to draw on years of direct experience in their local markets Our professionals know their communities and the industry inside and out Whether you are a local firm or a global organization we provide creative solutions for all your real estate needs

RETAIL MARKET REPORT 2023 Credits Sources SOURCES PHOTO CREDITS The following sources were used for this report Photo credits are listed by page indicated by images left to right Axiometrics Broward County Property Appraiser City of Fort Lauderdale Colliers International Florida Inc CoStar Group Data Axle Inc ESRI ArcGIS Business Analyst 2022 Fort Lauderdale DDA Placer ai South Florida Business Journal South Florida Sun Sentinel Urban Land Institute PwC Emerging Trends In Real Estate 2023 U S Census Bureau Cover the_dalmar Table of Contents casasensei Page 5 rooftop1wlo Page 9 louiebossie holly_blue_ftl Page 12 wharfftl Page 17 lasolascompany Page 21 Java Jam DDA Sublime Imagery hofshouseofsweets sistrunkmarketplace yolorestaraunt rooftop1wlo Page 22 wharfftl Page 23 DDA Sublime Imagery CONTRIBUTORS Ken Krasnow Vice Chairman Institution Investor Services Florida ken krasnow colliers com Verity Mosquera MBA Research Consulting Manager South Florida verity mosquera colliers com Maria Russo Senior Marketing Manager South Florida maria russo colliers com

RETAIL MARKET REPORT 2023 Methodology This report refers to 4 different boundaries in DowntownFTL Las Olas The boundaries of the Las Olas Boulevard retail corridor are Andrews Avenue to the west and SE 15th Avenue to the east Federal Highway The boundaries of the Federal Highway retail corridor are Broward Boulevard to the south and Sunrise Boulevard to the north All retailers directly on the east and west of Federal Highway are included in this zone Las Olas Downtown Core References to Las Olas Downtown Core includes all aspects of the Las Olas corridor and refers to all retailers bordered by Broward Boulevard to the north SE 7th Street to the south SW 4th Avenue to the west and SE 15th Avenue to the East Flagler Village Federal Highway References to the Flagler Village Federal Highway area include all aspects of the Federal Highway corridor This zone extends west into Flagler Village to the FEC Tracks south to Broward Boulevard and north to Sunrise Boulevard CONTRIBUTORS Ken Krasnow Vice Chairman Institution Investor Services Florida ken krasnow colliers com Verity Mosquera MBA Research Consulting Manager South Florida verity mosquera colliers com Maria Russo Senior Marketing Manager South Florida maria russo colliers com

2023 DowntownFTL RETAIL MARKET REPORT Contact Us 954 463 6574 201 East Las Olas Boulevard Suite 1150 Fort Lauderdale FL 33301 www ddaftl org Follow us ddaftl