Miami retail vacancy falls, rents rise

Vacancy in the Miami retail market fell in 2011, and could fall further with increasing tenant demand, according to a report from Marcus & Millichap. The firm projects that, with a slight increase in employment, vacancy will drop to 6.2 percent, which would be the lowest year-end level in four years.  Miami’s market has shown strength in the last year or so, as new entrants like electronics retailer hhgregg have come into the market. Marcus & Milichap projects an increase in asking rents this year to $23.65 per square foot, with effective rents seeing a jump of 1.1 percent to $20.08. According to the report, 240,000 square feet of retail space is slated to come on line in 2012 in Miami-Dade County. — Alexander Britell