Miami retail market continues with low vacancy, high rates: report

Miami’s retail market saw continued low vacancy and the highest asking lease rates in Florida in the second quarter, though net absorption was down compared to the past several quarters, according to a report from CBRE. Leasing activity in Miami-Dade County waned in the second quarter of 2012, as a small number of big-box retailers are still on the market. The area’s highest transaction was by Fun Zone, which signed a 23,564-square-foot lease in Miami Shores’ Northside Shopping Center. Downtown Miami’s residential market has “significantly recovered,” according to the report, and that has led to several new retail projects in development, notably the Brickell CitiCentre mixed-use project, which broke ground earlier this month. — Alexander Britell

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