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The Miami/Dade County retail market is already showing positive signs of recovery. Strong population growth and the return of tourism indicate a bubbling retail recovery, and according to the first quarter market report from Colliers, the metrics support the theory. The vacancy rate remained flat in the first months of the year, while rents actually increased.

The market vacancy rate landed at 4.6% at the end of the first quarter. This is flat from the previous quarter and only 30 basis points below the pre-pandemic vacancy rate. Rental rates increased an impressive 1.9% quarter-over-quarter to $36.99. While an improvement, rates have not returned to the pre-pandemic rate of $38.35. Rental rates increased in spite of new construction deliveries totaling 91,916 square feet—a total of three buildings all under 40,000 square feet and a construction pipeline totaling 2 million square feet.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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