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Broward County Analysis

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Broward County Analysis BROWARD COUNTY MARKET ANALYSIS Broward County is strategically located between Miami-Dade County to the south and Palm Beach County to the north. Broward covers a land area of approximately 1,208 square miles and contains 28 municipalities, of which Fort Lauderdale (county seat) and Hollywood are the largest in terms of resident population. POPULATION According to the U.S. Census Bureau, Broward County is one of the fastest growing counties in the state of Florida. Population trends for Broward County since 1990 are summarized to the right and compared with the State of Florida and the United States. Since 1990, Broward County’s population has increased approximately 2.41% compounded annually. During the same period, households in Broward County have increased by 1.98% compounded annually. The 2003 population for Broward County was estimated at approximately 1,710,917, reflecting an overall increase of 36.3% relative to 1990. Over fifty percent of Broward County’s resident population is between the ages of 20 and 54, which reflects a large pool of working-age people. Furthermore, a large percentage of children are indicated, which further supports the shift toward a younger population age distribution. EMPLOYMENT/ INDUSTRY Palm Beach, Broward and Miami-Dade counties are considered the Internet Coast. Presently, the Internet Coast ranked fourth in the U.S. in the number of high- technology companies with nearly 6,500 businesses generating the second highest sales per employee in the U.S. The Internet Coast region was named the number one location in the country for successful growth of small business by Entrepreneur magazine and Dun and Bradstreet. Many businesses find the tax structure in Florida advantageous. Although about half of the state's general revenue comes from a 6% sales tax, there is no state personal income tax, no state property tax, no inventory tax and no corporate franchise tax on capital stock. As reflected in the table to the right, Fort Lauderdale’s employment gains in the past ten years have outpaced the growth of its labor force. Fort Lauderdale’s employment level has increased by an annualized rate of 1.99% in the past ten years. Fort Lauderdale not only possesses a significant amount of high-growth technology businesses but also has many corporations in other fields. Fort Lauderdale has historically weathered economic downturns through its diversified economy. Listed below are Broward’s top employers. Other major centers of employment located in close proximity are: • Miami-Dade County has over 36 million square feet of Class "A" office space. With an economic base centered on emerging markets, Miami is forecast by Economy.com to have an astounding annual employment growth rate of 3.1% for the next 5 years. • Plantation/Sawgrass Sub market, is home to over 10,000 businesses with over 120,000 employees. The area is comprised of 4.5 million square feet of office/high-tech industrial space. • Cypress Creek Sub market, has over 5.6 million square feet of office space, making it the largest suburban office market in Broward County. Over 90,000 employees in 7,300 businesses are located in the vicinity. • Fort Lauderdale-Hollywood International Airport has over 9,200 employees. The airport is currently planning to double its number of terminal gates, add three additional parking garages and convert a general aviation runway into an air carrier runway. • Fort Lauderdale Executive Airport boasts over 1.3 million square feet of office and warehouse space in the airport's Industrial Airpark. HOUSING Broward County’s limited supply of developable land is evidenced by the downward trend in multifamily permits from 1997 to 2001 and the switch from single to multifamily permits in 2002. Multifamily building permits, which include condominiums and townhomes, issued in Broward County declined 53% from 1997 to 2001. Multifamily permits increased in 2002 largely from infill, urban developments in downtown Fort Lauderdale and Pompano Beach. Annualized April 2003 YTD data shows a slow down in multifamily permits. With the supply of undeveloped land shrinking and becoming much more expensive, developers are beginning to build higher density buildings such as condominiums and town homes versus single-family homes. Broward continues to be one of the fastest growing counties in the United States with regard to housing. According to Claritas estimates, approximately 672,531 housing units exist in the county. Approximately 85% are occupied on a year-round basis and 15% remain vacant for some part of the year. Statistics indicate that over 30% of the occupied units are classified as renter-occupied. ENTERTAINMENT Broward County is known as an entertainment hub catering to more than six million annual visitors in addition to its own resident base. Broward County is a hot destination for residents across the nation due to its 3,000 hours of annual sunshine and 77- degree average temperature. Fort Lauderdale, Broward County’s epicenter, is known as a dining capital having 3,500 restaurants and more than 110 nightclubs. With 42,000 resident yachts, 100 marinas and boatyards and more than 300 miles of inland waterways, Fort Lauderdale well deserves its nickname, "Venice of America.” Numerous public beaches are located in Broward County. Lauderdale-by-the-Sea, North Beach and South Beach are known as some of the best beaches on the “Gold Coast.” In particular, the South Beach area, east of downtown Fort Lauderdale, has been completely revitalized through a $26 million renovation. Located across the beach are numerous beachfront shops, restaurants and nightclubs. • Downtown Fort Lauderdale has a strong Reputation as a destination for dining, nightlife, entertainment and shopping. On the well-known Las Olas Boulevard, people will find a multitude of art galleries, eclectic boutiques and sidewalk cafes. Dining options range from Cuban-American cuisine to fresh seafood caught in the Atlantic Ocean. In addition, various parts of the city are going through revitalizations such as the Riverfront District in downtown Fort Lauderdale. • Center of Performing Arts is a 208,800-squarefoot facility with comprehensive regional arts and entertainment venues in downtown Fort Lauderdale. The complex includes the magnificent 2,700-seat Au-Rene Theater, the intimate 590-seat Amaturo Theater and The Abdo New River Room, a conference/ banquet facility and rehearsal hall. • The Discovery Center, a hands-on, interactive learning center designed for total family enjoyment, is located in downtown Fort Lauderdale. The nonprofit facility serves 400,000 visitors annually. The Center recently received a $400,000 grant for renovations. • Professional sports teams include the Florida Panthers hockey, Miami Dolphins football and Miami Heat basketball. There are also many major league baseball teams that call Broward County home for spring training. Add more than 50 golf courses, tennis, swimming, biking, skating, and water-skiing, Fort Lauderdale becomes a true sports paradise. TRANSPORTATION • The Sawgrass Expressway toll road has been referred to as the catalyst that has driven South Florida’s real estate development in western Broward County. The expressway runs north/ south in western developed Broward County from its southern terminus point (Interstate 595 and Interstate 75) to northwestern Coral Springs where it turns into an east/west expressway traversing part of northern Broward County and becomes Southwest 10th Street east at Powerline Road. It intersects with Interstate 95 at an interchange with Southwest 10th Street in Deerfield Beach, in north Broward County. A two-mile stretch of 10th Street now links Interstate 95 and the Sawgrass. • Interstate 75 has been an additional catalyst in the westward expansion of South Florida. The section of State Road 84 between U.S. 27 and Naples (known as "Alligator Alley") was widened to accommodate Interstate 75. Currently, the north terminus in Broward is located at State Road 84, with exits at Arvida Parkway, Griffin Road, Sheridan Street, Hollywood Boulevard and the Miramar Parkway, before reaching Miami-Dade County. Similar to the Sawgrass Expressway, Interstate 75 is acce- lerating the development of southwestern Broward County. With the reduction of travel time to Miami-Dade County, I-75 is the most significant factor for the absorption of residential housing in western Broward County. • Interstate 595 links Port Everglades to the east with Interstate 75 and the Sawgrass Expressway in western Broward. Interstate 595 parallels the median of State Road 84 west of the Florida Turnpike. It has three lanes in each direction west of Florida’s Turnpike and four lanes in each direction to the east of the turnpike. State Road 84 continues to be utilized as a local access road. Interstate 595 is the first east/west expressway system in Broward County. This non-toll roadway significantly reduces travel time between western Broward County and the Fort Lauderdale/Hollywood International Airport. It has interchanges at all the major north/ south thoroughfares in western Broward County. Population growth in the western areas of Plantation, Davie, Weston and Sunrise will continue to benefit from the accessibility the expressway provides to the eastern employment areas of the county. • Interstate 95 is South Florida’s main artery traversing the eastern sector of the tri-county area providing north/south access throughout South Florida. Additional travel lanes were recently added to accommodate the tremendous increase in traffic due to the population growth in South Florida. • Fort Lauderdale/Hollywood International Airport is expanding to accommodate the demands due to a significant increase in the number of passengers. The present expansion calls for doubling the number of terminal gates, adding three additional parking garages and converting a general aviation runway into an air carrier runway. Completion is expected for 2012. • Fort Lauderdale Executive Airport, Pompano Airport and North Perry Airport primarily serve private, charter and corporate aircraft. • AMTRAK and Tri-Rail are the primary passenger rail systems serving Broward County.
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