Miami’s record-low retail vacancy rate nudged even lower during the third quarter of 2014, a new report from CBRE shows.
The market’s total vacancies declined from 3.9 percent of more than 42.5 million square feet of inventory in the second quarter to 3.8 percent at the end of the third quarter. The August opening of IKEA’s 417,000-square-foot store west of the Dolphin Mall played a major role in the occupancy gain. Asking rents rose $7.43 per square foot year-over-year to $45.18 per square foot.
E-commerce tenants continue to be the biggest driver for retail growth in the market, according to CBRE. Their share of the industry has maintained a double-digit growth pace for the last 12 years. Segments with the highest growth rate include books, clothing, electronics and music. — Eric Kalis