The Real Deal Miami

South Florida retail rents are the highest in the state: report

August 31, 2011 12:49PM

Retailers in South Florida pay the highest average rent in the state, according to a new market report by Crossman & Company, a third-party retail leasing and management firm based in Orlando.
Broward County’s average rental rate was $17.69 per square foot in the second quarter of 2011, the third highest in the state. Palm Beach County’s average shopping center rental rate was $18 a square foot. Miami has the most expensive rates with a $21.84 average.
“In nearly every market in the state, we have seen stable occupancy for the past seven quarters. Rental rates are still decreasing but are beginning to level off, indicating we may have found the bottom of the market, though significant challenges still remain for owners and retailers alike,” said Crossman & Company’s Molly Delahunty. [Sun Sentinel]