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Winter 2022 2023 DowntownFTL Residential Market Report Reaching New Heights
RESIDENTIAL MARKET REPORT 2022 Executive Summary Downtown Fort Lauderdale s Residential Growth Is Outpacing Peer Cities DowntownFTL s supply of rental units 10 662 is closing in on Downtown Miami 12 020 DowntownFTL has over four times the supply of rental units compared to Downtown West Palm Beach 2 551 DowntownFTL has built more rental units 5 095 over the past 5 years than Downtown Austin 1 731 and Downtown Atlanta 1 667 combined Fort Lauderdale has emerged as a premier Magnet 18 Hour City for 2023 according to the Urban Land Institute and PwC alongside cities like Charlotte Denver Minneapolis and San Diego Downtown Fort Lauderdale Is Reaching New Heights Driving New Investment To Emerging Districts Over 40 residential developments planned with 27 projected to soar 30 stories or higher 50 of all planned projects are in Flagler Village DowntownFTL s fastest growing neighborhood Flagler Village has seen a 107 increase in residents since 2010 and has nearly 7K total residents Downtown Fort Lauderdale Is Entering Its Next Luxury Condo Boom Over 400M in condo sales at 1M or more in DowntownFTL since the start of the pandemic and at least 1 3B in citywide single family home sales of at least 5M The DowntownFTL residential market is evolving with six new condo buildings currently planned for DowntownFTL a 50 increase over current levels
RESIDENTIAL MARKET REPORT 2022 DowntownFTL Urban Core 2 2 SQUARE MILES 24 429 TOTAL POPULATION 27 755 PROJECTED POPULATION FOR 2027 40 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
TABLE OF CONTENTS 01 02 03 04 DowntownFTL Growing Residential Base Peer City Benchmarks DowntownFTL s Residential Market Reaching New Heights Multifamily Development Pipeline DowntownFTL s Condo Boom Multifamily Projects by Era Neighborhoods at the Center of it All
01 DowntownFTL s Growing Residential Base
RESIDENTIAL MARKET REPORT 2022 Who s Here 5 15 000 24 999 24 429 27 755 146 358 Population 2022 16 7 Increase YOY Population 2027 an expected 13 6 increase in 5 years Average household income 20 2 increase YOY 10
3 Ages 0 4 RESIDENTIAL MARKET REPORT 2022 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 place to live for all ages 21 Ages 55 15 Ages 45 44 Population Growth Population by Ages 27 Ages 25 34 77 45 54 2 Ages 10 14 13 Ages 15 24 Between 2018 to 2022 55 2 Ages 5 9 16 Ages 35 44 46 35 44 70 25 34 Nearly half of Downtown Fort Lauderdale residents are between 25 and 44 signaling that the city has emerged as destination for young professionals 58 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
RESIDENTIAL MARKET REPORT 2022 FTL Community Luxury Living Options a Young Professional Family Friendly Pet Friendly
02 Peer City Benchmarks
RESIDENTIAL MARKET REPORT 2022 Compared to other hot sun belt cities DowntownFTL has an equivalent supply of rental units and is building new high rises just as quickly DowntownFTL has built more rental units over the past 5 years than Downtown Austin and Downtown Atlanta combined Downtown FTL has more rental units than both Downtown Austin and Downtown Nashville New Rental Units Built Last 5 Years Total Number of Rental Units Downtown Nashville 7 854 Downtown Atlanta 11 200 Downtown Tampa 6 690 Downtown Tampa 11 052 DowntownFTL 5 095 DowntownFTL 10 662 Downtown Austin 1 731 Downtown Nashville 10 200 Downtown Atlanta 1 667 Downtown Austin 9 447
RESIDENTIAL MARKET REPORT 2022 Compared to other hot sun belt cities DowntownFTL is as dense and is growing as quickly DowntownFTL s residential density is equivalent to the downtowns in Austin and Atlanta From 2010 to 2022 DowntownFTL grew at a faster rate than Downtown Atlanta Austin and Tampa Population per Square Mile Population Growth since 2010 DowntownFTL 11K Downtown Nashville 191 Downtown Austin 11K DowntownFTL 80 Downtown Atlanta 10K Downtown Austin 79 Downtown Nashville 8K Downtown Atlanta 39 Downtown Tampa 6K Downtown Tampa 35 Represents 1K
RESIDENTIAL MARKET REPORT 2022 Multifamily Rental Tri County Comparison DowntownFTL s supply of rental units is closing in on Downtown Miami and has more than 4 times the supply of rental units compared to Downtown West Palm Beach 2022 Multifamily Market Indicators DOWNTOWN WEST PALM BEACH DOWNTOWN FORT LAUDERDALE DOWNTOWN MIAMI 2 551 10 662 12 020 14 44 50 3 19 3 25 3 53 96 8 96 5 96 1 Occupancy Rate Annual Average Occupancy Rate Annual Average Occupancy Rate Annual Average Total Number of Units Total Number of Buildings Rent Price Per Square Foot Total Number of Units Total Number of Buildings Rent Price Per Square Foot Total Number of Units Total Number of Buildings Rent Price Per Square Foot
03 DowntownFTL s Residential Market Reaching New Heights
RESIDENTIAL MARKET REPORT 2022 High occupancy levels competitive levels of residential density compared to peer cities and the economics of building are bringing bold projects to DowntownFTL NOTABLE NATIONAL DEVELOPERS NOTABLE FLORIDA BASED DEVELOPERS Aimco BH3 Dependable Equities Fairfield Residential Federal City Property Investors Hanover Company Hines Kushner Companies Naftali Group UDR Uniland Development Company The Benjamin Companies Woodfield Investments Alta Developers Barron Real Estate Cymbal Development Edgewater Capital Gables Residential Hudson Capital Merrimac Ventures Moderno Development Ocean Land Investments OKO Group Property Markets Group Related Group Urban Street Development About 40 of planned buildings are led by world renowned developers from outside of Florida elevating the profile of Fort Lauderdale Bringing decades of expertise in the Fort Lauderdale real estate market South Florida based developers are raising the bar with their new DowntownFTL projects
RESIDENTIAL MARKET REPORT 2022 New high rise projects are remaking the DowntownFTL skyline bringing the city to new heights creating the density needed to sustain a vibrant walkable and connected downtown 40 planned residential projects 27 will reach 30 stories or higher
RESIDENTIAL MARKET REPORT 2022 Flagler Village is receiving the greatest concentration of new DowntownFTL investment DowntownFTL Planned Projects By Location 50 of all planned projects in DowntownFTL are in Flagler Village 25 are in the Downtown Core 20 are South of the New River
RESIDENTIAL MARKET REPORT 2022 Notable Developments Under Construction Related Group 240 Units 43 Stories Related Group 349 Units 36 Stories OKO Group Cain 251 Units 34 Stories Prospect Real Estate Group 242 Units 12 Stories Merrimac Ventures 716 Units 45 Stories Fairfield Residential 242 Units 11 Stories Gables Residential 297 Units 43 Stories PMG Greybrook 550 Units 35 Stories
RESIDENTIAL MARKET REPORT 2022 Notable Planned Rental Projects in the Pipeline Dependable Equities 1100 Units Aimco 1500 Units Kushner Aimco 956 Units The Benjamin Companies 542 Units Dependable Equities 830 Units Hudson Capital Barron Real Estate 561 Units Hines Urban Street Development 600 Units
RESIDENTIAL MARKET REPORT 2022 DowntownFTL is entering its next condo boom Six new projects are planned and only 1 condo was built since 2008 THE MUSE New Leaf Development 112 Units LAS OLAS CONDOMINIUMS Related Group 192 Units SIXTH RIO Ocean Land Investments 94 Units
RESIDENTIAL MARKET REPORT 2022 Plans are underway to increase the supply of DowntownFTL condo buildings by 50 adding over 600 new condo units representing a 6X increase in the number of condo buildings planned or built from 2008 to 2020 Past 2001 to 2007 Present Total Units Las Olas Riverhouse 287 Watergarden 315 Esplanade on the River 2020 Future Total Units Planned 2022 Total Units The Muse 241 Las Olas Condominiums 192 135 Sixth Rio 94 Las Olas by the River 240 418NE2 53 Las Olas Grand 213 404NW1 44 350 Las Olas Place 163 509NE3 26 NuRiver Landing 409 1 out of 3 condo projects built Symphony 338 before 2007 were 25 stories tall Strada 315 117 Waverly 307 Sol 215 100 Las Olas 113 3 out of 4 condo projects built or planned since 2020 are 25 stories tall
RESIDENTIAL MARKET REPORT 2022 The DowntownFTL core near Las Olas Boulevard and the New River has added over 2 500 new rental units since 2020 launching a new era of development in Fort Lauderdale s densest district Downtown Core Average Rental Price Per Square Foot 3 46 2014 to 2019 2020 to today Laureat Icon The Registry 10X Las Olas Walk 10X Riverwalk Amaray VU New River Alluvion Regatta Society Novo
RESIDENTIAL MARKET REPORT 2022 Flagler Village has emerged as DowntownFTL s hot new neighborhood With over 3 500 units added within the past decade Flagler Village now rivals the downtown core as a place to live and invest Flagler Village Average Rental Price Per Square Foot 2 94 2007 to 2009 2014 to 2019 The Exchange 2020 to today EON Flagler Village Quantum at Flagler The Manor Motif Solmar on Sixth The Whitney Eclipse The Rise Pearl Aviah ORA The Edge EON Squared
04 Neighborhoods at the Center of it All CENTRAL BEACH LAS OLAS ISLES VICTORIA PARK PROGRESSO VILLAGE NR SU IS O EB UL EV COLEE HAMMOCK FLAGLER VILLAGE EL AS A OL SB O E UL VA RD BEVERLY HEIGHTS D AR HARBOR BEACH DOWNTOWN RIO VISTA DORSEY RIVERBEND B W RO AR DB L OU EV AR D SAILBOAT BEND 17 TARPON RIVER V DA IE BO E UL VA RD TH ST R EE T
RESIDENTIAL MARKET REPORT 2022 DowntownFTL is an established destination for luxury property sales spearheaded by the opening of 100 Las Olas condominiums and the vast supply of waterfront homes within 2 miles of downtown 1 7B 1 7 Billion in luxury sales since the start of the pandemic 1 3B Over 1 3 Billion citywide single family home sales of over 5M 400M Over 400 Million in downtown condo sales of over 1M
RESIDENTIAL MARKET REPORT 2022 DowntownFTL benefits from its proximity to great neighborhoods Downtown Flagler Village Tarpon River Victoria Park Known only the as central business district for many decades Downtown Fort Lauderdale now provides an urban metropolitan lifestyle for a growing resident base with a mix of luxury high rise apartments and condominiums on the banks of the New River One of South Florida s fastest growing neighborhoods Flagler Village serves as the epitome of a live work play neighborhood having benefited from the majority of new residential development in Downtown over the past decade Named after the river that runs along its southern border Tarpon River hosts an eclectic mix of single family homes waterfront properties apartments and townhomes and a growing number of Downtown high rises A centrally located neighborhood on the eastern edge of Downtown Victoria Park mixes 1930s old Florida charm with ultramodern luxury offering a range of unique housing options for its diverse mix of residents Condo Townhome Condo Townhome Single Family Home Condo Townhome Single Family Home Mostly Townhome 670 000 403 500 750 000 311 017 1 506 500 685 000 Median Sales Price Median Sales Price Median Sales Price Median Sales Price Median Sales Price Median Sales Price 512 46 352 56 413 37 288 29 613 75 395 45 Median Price PSF Median Price PSF Median Price PSF Median Price PSF Median Price PSF Median Price PSF 5 178 5 805 Total Housing Units Total Housing Units 7 824 6 953 Population Population 2 549 5 630 Total Housing Units Total Housing Units 3 796 8 294 Population Population 78 4 106 6 26 2 22 6 2010 2022 Population Growth 2010 2022 Population Growth 2010 2022 Population Growth 2010 2022 Population Growth
RESIDENTIAL MARKET REPORT 2022 DowntownFTL benefits from its proximity to great neighborhoods Beverly Heights Central Beach Colee Hammock Dorsey Riverbend Harbor Beach Situated between the urban core and historic Colee Hammock Beverly Heights has a mix of historic charm alongside newly constructed high rise buildings all within walking distance to the shops on Las Olas Boulevard and the central business district As a world class destination Fort Lauderdale Beach is not just for tourists but residents too with a mix of condominiums hotel condos and townhouse options all within walking distance to warm sandy beaches and a little over a mile from the urban core Rich in history Southern charm and community one of the oldest neighborhoods established in 1916 with historic homes and oak trees walking distance to Las Olas Boulevard mix of residents enjoy the small town yet hip vibe of Victoria Park Known only the as central business district for many decades Downtown Fort Lauderdale now provides an urban metropolitan lifestyle for a growing resident base with a mix of luxury high rise apartments and condominiums on the banks of the New River A prestigious resort style gated community on the southernmost barrier island bounded by the Atlantic Ocean and the Intercoastal Waterway Condo Townhome Single Family Home Condo Townhome Condo Townhome 554 050 899 500 Median Sales Price Median Sales Price 411 54 775 Median Price PSF Median Price PSF 1 419 3 606 669 Total Housing Units Total Housing Units Total Housing Units 1 565 000 806 000 Median Sales Price Median Sales Price 796 87 468 97 Median Price PSF Median Price PSF 2 024 3 214 857 Population Population Population Single Family Home 350 000 Median Sales Price 251 94 Median Price PSF Condo Townhome Single Family Home 5 700 000 965 000 Median Sales Price Median Sales Price 1 200 00 575 70 Median Price PSF Median Price PSF 2 035 512 Total Housing Units Total Housing Units 5 100 557 Population Population 178 0 19 8 14 9 14 40 12 8 2010 2022 Population Growth 2010 2022 Population Growth 2010 2022 Population Growth 2010 2022 Population Growth 2010 2022 Population Growth
RESIDENTIAL MARKET REPORT 2022 DowntownFTL benefits from its proximity to great neighborhoods Las Olas Isles One of the most exclusive communities in Fort Lauderdale the Las Olas Isles neighborhood sits between DowntownFTL and the Fort Lauderdale Beach Modern luxury apartments line the canals on the west end while iconic mansions complement homes fronting Intracoastal Waterway Single Family Home Condo Townhome Progresso Village Rio Vista Sailboat Bend Spanning an area between Historic Sistrunk and Flagler Village and bounded by Broward and Sunrise Boulevards Progresso is catching the attention of investors looking to create housing in one of the hottest Opportunity Zones in South Florida Meaning River View Rio Vista is a family friendly affluent neighborhood with many luxury homes located just south of Downtown along the waterfront This yachting and boating community enjoys a serene atmosphere close to the many amenities that an urban lifestyle has to offer Home to the only official historic district in Fort Lauderdale Sailboat Bend marks the beginning of the Arts Entertainment District in Downtown Fort Lauderdale This semi suburban community has a mix of townhomes and condos but is best known for its bungalows and Mission style homes dating back to the early 1900s Mostly Townhome Single Family Home Condo Townhome 4 237 500 645 000 386 750 2 520 000 577 500 Median Sales Price Median Sales Price Median Sales Price Median Sales Price Median Sales Price 1 067 64 437 72 364 03 800 89 400 62 Median Price PSF Median Price PSF Median Price PSF Median Price PSF Median Price PSF 2 471 Total Housing Units 3 267 Population 3 7 2010 2022 Population Growth 1 160 1 045 1 964 Total Housing Units Total Housing Units Total Housing Units 2 778 2 324 2 858 Population Population Population 26 2 9 1 8 2 2010 2022 Population Growth 2010 2022 Population Growth 2010 2022 Population Growth
RESIDENTIAL MARKET REPORT 2022 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
RESIDENTIAL MARKET REPORT 2022 About Colliers Colliers is an industry leading global real estate company with more than 17 000 skilled professionals operating in 62 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
RESIDENTIAL MARKET REPORT 2022 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 ESRI ArcGIS Business Analyst 2022 Fort Lauderdale DDA Multiple Listing Service MLS The Real Deal South Florida Business Journal Urban Land Institute PwC Emerging Trends In Real Estate 2023 Cover Sublime Imagery DDA Page 3 Colliers Table of Contents Sublime Imagery DDA Page 5 Sublime Imagery DDA Page 8 fortlauderdalewatertaxi sanchezmandi aussies finley rosey Sublime Imagery 4westlasolas the_dalmar Page 9 DDA Sublime Imagery Page 12 Sublime Imagery Page 13 DDA Sublime Imagery Page 16 DDA Sublime Imagery Page 17 The Real Deal Florida YIMBY South Florida Business Journal Page 18 The Real Deal Florida YIMBY South Florida Business Journal Hines Page 19 The Real Deal Florida YIMBY South Florida Business Journal Page 21 South Florida Business Journal The Real Deal Sun Sentinel Page 22 South Florida Business Journal The Real Deal Sun Sentinel Page 24 DDA Sublime Imagery Pages 25 to 27 amandathebroker orla_ananda sarahglass_ceramics linalunamar Sublime Imagery trotzwhiddon Federico Rochwerger Sublime Imagery Adobe Stock justaskheidirealtor dotoligroup loristjohnrealtor Page 25 DDA Sublime Imagery Page 28 DDA Sublime Imagery Page 29 Colliers CONTRIBUTORS Ken Krasnow Vice Chairmain 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
Winter 2022 2023 DowntownFTL Residential Market Report Reaching New Heights Contact Us 954 463 6574 201 East Las Olas Boulevard Suite 1150 Fort Lauderdale FL 33301 www ddaftl org Follow us ddaftl