The Real Deal Miami

South Florida feels retail jitters

August 11, 2008 12:04PM

After the glory days of retail development in the wake of the housing boom of 2005, a string of good years may be coming to an end as the economy falters. Stephen Bittel, chairman of Miami Beach-based real estate company Terranova Corp., describes the market mood as apprehensive, and says developers and landlords, as well as tenants and banks, are all reluctant to commit capital to new projects. Drew Schaul, a Miami-based associate with the retail group of CB Richard Ellis, predicts a drop in rents over the next nine to 12 months.