At the same time, average per sf asking rents jumped to $18.27from $14.78. Owners are presently seeking higher rents than a yearago 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 thecounty's highest.
Miami-Dade is home to 185 shopping centers, with five newcenters adding a total 727,735 sf to the inventory during the past12 months. The openings brought the county's overall stock ofshopping center space to just under 26 million sf. Based on acurrent population of 2.13 million, that equates to a 12:1 ratio ofretail space per person and compares with the national ratio of19:1.
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