At the same time, average per sf asking rents jumped to $18.27 from $14.78. Owners are presently seeking higher rents than a year ago in seven of the county's nine retail submarkets.
Coral Gables/South Miami now claims the most expensive space at $23.87 per sf, which is close to $6.00 per sf more than a year ago. It is also the tightest market with a vacancy rate of just 1.14%. The Bird Road/Coral Way submarket's 11.4% vacancy rate is the county's highest.
Miami-Dade is home to 185 shopping centers, with five new centers adding a total 727,735 sf to the inventory during the past 12 months. The openings brought the county's overall stock of shopping center space to just under 26 million sf. Based on a current population of 2.13 million, that equates to a 12:1 ratio of retail space per person and compares with the national ratio of 19:1.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
