Retail vacancies in Miami-Dade nearing decade-high levels

Retail vacancies in Miami-Dade County will grow from 7.6 percent to a decade-high of more than 8 percent by the end of
this year as retail spending continues to decline, according to real
estate investment services firm Marcus & Millichap’s third-quarter
retail research report. While developers completed 2.2 million square
feet of retail space in 2008, only 400,000 feet is expected this year.
The firm is predicting a 4.3 percent decline in asking rents, as well
as a 3.2 percent decrease in the county’s employment rate, or 33,000
jobs shed, in 2009, down from 36,400 jobs last year. TRD