The retail market dynamics in South Florida are pointing to rising rents as available space continues to get harder to find.

Robust tourism, including the return of international visitors, and consumer spending that is outpacing the national average are driving the market, with the demand for space outrunning the supply.

Retail rental asking rates have increased in South Florida by nearly 5% thus far this year, while the vacancy rate is 2.8%, according to CoStar data. Meanwhile the shortage of retail space continues to tighten, with nearly 95% of new construction in the area pre-leased before delivery.

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