The Real Deal Miami

Miami retail construction hits five-year high: report

October 22, 2013 10:00AM

Office vacancy in Miami-Dade County was at 17.4 percent in the third quarter, holding strong compared to last year, according to data from CBRE Group’s commercial MarketViews report.

It was at 17.6 percent in the second quarter, and 18.9 percent year-over-year. Retail vacancy is largely still at 4.2 percent, up from 4.1 percent last quarter and down from 5.3 percent this time last year.

Retail construction activity in Miami-Dade, meanwhile, reached its highest level since 2008, at a total of 1.3 million square feet. Retail investment sales are $89.5 million for the quarter and $535.1 million so far this year.

The unemployment rate in Broward County was among the state’s lowest in the third quarter, at 5.8 percent. Leasing activity was strong there, though the retail vacancy rate fell to 8 percent from 9.3 percent year-over-year.

In Palm Beach County, the office market is largely comprised of tenants seeking 5,000 square feet or less. Office vacancy dropped to 23.8 percent from 26 percent year-over-year.

A $28.1 million sale of a 10,000-square property at 225 Worth Avenue, occupied by clothing retailers Juicy Couture and Brooks Brothers, was one of the top retail deals in Palm Beach County, data show. — Mark Maurer