Alex Smythe Realty Group
The Downtown Development Authority posted information regarding Tourism in Fort Lauderdale. Here are the interesting takeaways:
Fort Lauderdale, often referred to as DowntownFTL, is experiencing unprecedented growth in its real estate market. As a realtor, it's essential to stay informed about the city's tourism boom, investments in the hotel sector, key tourism engines driving the market, visitor demographics, and available transportation options. In this blog post, we will explore the highlights from the 2023 Tourism Market Report and discuss how these factors contribute to the thriving real estate market in Fort Lauderdale.
1. A Growing Market:
Fort Lauderdale's tourism sector has seen a remarkable 162% increase in out-of-town visits since 2018. This surge in tourist trips has not only fueled the city's economy but has also driven higher revenue compared to hotels statewide. The Q1 2023 hotel occupancy rate in Fort Lauderdale outpaces other hot Sun Belt cities, exceeding the national average by an impressive 23 points. This upward trend in visitor numbers indicates a thriving market for real estate investment.
2. Investments in the Hotel Sector:
The hotel sector in DowntownFTL has experienced significant growth over the last five years. Two out of every three hotel rooms have been built during this period, resulting in a tripling of available rooms since 2018. The downtown core, particularly the renowned Las Olas Boulevard, offers a sophisticated urban lifestyle with a mix of retail, restaurant, and cultural attractions that appeal to today's visitors. Notable hotels, such as the Riverside Hotel, Fairfield Inn & Suites, Hyatt Centric Las Olas, and Sonder at Riverwalk, have contributed to the transformation of the area.
3. Fort Lauderdale's Tourism Engines:
Downtown Fort Lauderdale benefits greatly from its proximity to key tourism engines, such as Port Everglades, the Broward County Convention Center, and the Fort Lauderdale Hollywood International Airport. Port Everglades, the fourth busiest cruise port in the world, serves four million passengers annually and is set to become Disney Cruise Line's second home in Florida. The airport has demonstrated impressive recovery rates and ranked 6th in total passenger traffic recovery among U.S. airports. The ongoing transformation of the Broward County Convention Center adds further value to the area, attracting upscale visitors and enhancing the appeal of DowntownFTL.
4. Visitor Point of Origin:
Fort Lauderdale draws visitors from various regions, with the top ten point of origin cities including New York, Chicago, Detroit, Tampa, Philadelphia, Boston, Orlando, Washington, Atlanta, and Port St. Lucie. This diverse mix of visitors highlights the city's broad appeal and offers realtors opportunities to cater to a wide range of potential buyers.
5. Getting Around:
Fort Lauderdale provides convenient transportation options for residents and tourists alike. Brightline, a high-speed train service, connects DowntownFTL to Downtown Miami and Downtown West Palm Beach, with additional connections to Aventura and Boca Raton. The Water Taxi, a popular choice for experiencing Fort Lauderdale's waterways, offers scenic rides connecting downtown to the beach. Additionally, the Circuit provides free, on-demand rides for visitors to travel from Las Olas to Fort Lauderdale Beach and back, ensuring easy access to the city's best amenities.
Conclusion:
As a realtor, understanding the dynamics of Fort Lauderdale's real estate market is crucial for success. The city's growing tourism market, investments in the hotel sector, key tourism engines, diverse visitor demographics, and accessible transportation options all contribute to the thriving real estate opportunities in Fort Lauderdale. With the continuous development of the city and its popularity as a travel destination, the future looks bright for realtors in DowntownFTL.
