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Q2 2020 Broward Retail Market Report

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Broward County Retail Faces Challenges on the Road to Recovery as Stores and Restaurants are Permitted to Operate at Limited Capacity

Early signs of COVID-19’s impact on the retail market show in the market statistics as retail vacancy rates in Broward County inch up 20 basispoints quarter-over-quarter to 4.7 percent and net absorption records at negative 260,422 square feet in the second quarter. The disruption caused by COVID-19 is impacting retail tenants harder than any other sector due to locally mandated closure orders in the months of March, April and May; ultimately causing a number of businesses to close down. However, the reopening of stores and restaurants, albeit at limited capacity and with strict safety measures in place, brings a ray of hope for businesses in Broward County as retailers begin a bumpy road to recovery. Many tenants were able to take advantage of government funding programs such as the Paycheck Protection Program and rent abatements from landlords to help them stay afloat in turbulent times.

2Q2020BCRetail

Q2 2020 Broward Retail Market Report

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Verity Mosquera

Research and Consulting Manager

Fort Lauderdale

As Research and Consulting Manager in the South Florida market, I apply my experience in analytics, leadership and international business to monitor the global economy and make projections that help guide our brokers and clients in strategic decision making. My expertise in both leasing and investment sales ranges across multiple asset types including retail, industrial, office and multifamily.  

Prior to joining Colliers, I worked for The Washington Economics Group, Inc., where I led a team of eight economists as Manager of Client Services to prepare detailed economic impact analyses of a number of high-profile transportation and real estate projects in South Florida, including SkyRise Miami and All Aboard Florida. Other notable South Florida clients that I have worked with include Tate Capital, Odebrecht, Miami-Dade Expressway Authority and the International Speedway Corporation. Prior to moving to the United States in 2011, I graduated from law school and was a data analyst for Equity Insurance in Brentwood, UK.

I am active in the commercial real estate community through multiple organizations and committed to strengthening the participation of young leaders in the real estate sector through my current role as Co-Chair of the Urban Land Institute’s Young Leadership Group.

I also have a strong passion for teaching and mentoring students to help prepare them for careers in commercial real estate. I served as an adjunct professor for Miami Dade College School of Business teaching Principles of Management to undergraduate students pursuing their Bachelor’s degree in Business Administration and have recently served as a guest lecturer at Florida International University’s Tibor and Hollo School of Real Estate teaching market research skills to graduate students in the Masters in Science in International Real Estate (MSIRE) program. 

While earning my MBA at St. Thomas University, I served as president of Future Business Leaders of America - Phi Beta Lambda and spoke numerously on business and women career issues. St. Thomas University awarded me with the Outstanding Graduate Award and the Women in Leadership Award in recognition of these efforts.

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