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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, 6/2023
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 were one of the tightest in the Fort Lauderdale Metro area through February, 2023. Rents are slightly less expensive than the metro average.
Source: Costar, 6/2023
Availability
| Available Asking Rent/Square Feet | $33.68 |
| Rate | 6.6% |
| Vacant Square Feet | 428,000 |
| Available Rate | 7.7% |
| Available Square Feet | 499,000 |
Inventory
| Existing Bldgs | 626 |
| Inventory Square Feet | 6.5M |
| Average Square Feet | 10.3K |
| Under Construction Square Feet | 0 |
| 12 Month Delivered Square Feet | 120,000 |
Demand
| 12 Month Net ABS Square Feet | 3.6k |
| 6 Month Leasing Probability | 42.6% |
Sales Past Year
| Properties Sold | 26 |
| Sale Price/Square Feet | $261 |
| Average Market Sale Price | $2.7M |
| Sales Volume | $45.4m |
| Market Cap Rate | 7.0% |
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
| Asking Rent/Square Feet | $21.56 |
| Vacancy | 2.0% |
| Vacant Square Feet | 682,000 |
| Available Rate | 4.4% |
| Available Square Feet | 1.5M |
Inventory
| Buildings | 1,955 |
| Inventory Square Feet | 33.3M |
| Under Construction | 577,000 |
| 12 Month Deliveries | 347,000 |
Demand
| 12 Month Absorption Square Feet | 512,000 |
| 6 Month Leasing Probability | 54.6% |
Sales
| Properties | 115 |
| Sales Price/Square Feet | $279 |
| Asking Price Per Square Feet | $4.8M |
| Sales Volume | $210M |
| 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, 6/2023
Availability
| Asking Rent/Square Feet | $33.59 |
| Vacancy | 2.2% |
| Vacancy Square Feet | 258,000 |
| Available | 2.6% |
| Available Square Feet | 312,000 |
Inventory
| Buildings | 1,111 |
| Inventory Square Feet | 11.9M |
| Average Building Square Feet | 10,700 |
| Under Construction | 25,900 |
| 12 Month Deliveries | 36,700 |
Demand
| 12 Month Absorption Square Feet | 142,000 |
| 6 Month Leasing Probability | 39.1% |
Sales
| Properties | 65 |
| Sale Price Per Square Feet | $342 |
| Asking Price Per SQuare Feet | $3.6M |
| Sales Volume (Mil.) | $75.1M |
| Market Cap Rate | 5.6% |