Low Vacancies and Increasing Rents Add to an Already Thriving Retail Market in Miami-Dade County

Miami-Dade County’s retail market continues to flourish with decreasing vacancy rates and rapidly increasing rental rates. Overall vacancy rates in the county have hovered around 3 percent since 2015 and currently stand at 3.8 percent. The market delivered 431,906 square feet of retail space in the first quarter and still has nearly 2 million square feet under construction. The demand for retail space in Miami-Dade County is demonstrated through the 232,303 square feet of space absorbed.