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South Florida

Broward retail market strengthens

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With fewer stores closing, Broward County’s retail market could strengthen in 2012, according to a report by Marcus & Millichap. The firm projects Broward’s retail sector to see a reduction in vacancy to less than 10 percent for the first time in over three years. Completions are slated to fall short of the level seen by national retailers, however. According to the report, some Broward shopping centers may be able to raise rents this year. Developers are projected to add 200,000 square feet of space this year, following just 84,300 square feet in 2011. — Alexander Britell

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Marcus MillichapRetail Market