Miami retail recovery outpacing U.S.

The Miami-Dade County retail market is outperforming the national market as retailers fill vacant space and developers remain reluctant to increase inventory, according to a report from Marcus & Millichap. The Miami/Miami Beach submarket has led the way on the construction front in the county, which saw a total of 240,000 square feet of retail space. The county’s retail sales push will lead to a projected 70-basis-point drop in vacancy to 6.2 percent. Vacancy dropped 90 basis points in 2011. Stronger tenant demand in Miami is projected to boost rents 1.7 percent in 2012 to $23.69 per square foot, with effective rents advancing 2.2 percent to $20.10 per square foot. — Alexander Britell