MIAMI—Miami's retail market is sizzling. Of course, some areas are stronger than others—and some areas are attracting more investors than others. The question I asked Jason Shapiro, managing director of Aztec Group, is which ones and how much?

In the final part of this exclusive interview series, GlobeSt.com discussed the submarkets that are boasting the highest rental rates and his predictions on retail financing and refinancing in the years ahead. You can still read the first two parts: 2015 Retail Financing and Where CMBS Fits Into Retail Lending.

GlobeSt.com South Florida retail demand is certainly on the rise. What submarkets are boasting the highest rental rates and seeing the most leasing activity?

Shapiro: The suburban market of Doral has seen strong retail activity because of its booming residential base, with numerous new residential developments underway, and close proximity to Miami International Airport. Doral rental rates are reaching the $40s per square foot mark in some centers, which we haven't seen in this market before.

I believe Lincoln Road in Miami Beach is achieving the highest rental rates of any South Florida market, with more national and internal brands vying for a presence along the pedestrian mall for both the sales, branding, and crowds it generates. On the mainland, we expect to see rental rates to continue rising in Miami's urban core fueled by residential and tourism growth and the rise of major projects like Brickell City Centre and Miami Worldcenter.  

GlobeSt.com: With South Florida's retail market growing, do you foresee an increase in retail financing and re-financing in the next two to three years?

Shapiro: We expect to see more capacity for retail financing and moderate to good levels of development and re-development of retail product. South Florida is experiencing strong consumer spending, more vertical development, and strong visitor and tourism numbers, which indicate that 2015 will be another robust year for retail. Of course, unforeseen political or economic shocks that impact the US, or its feeder markets worldwide, would certainly impact our local economy and overall market stability.