Miami condo boom helping retail sector: report

The recent boom of sales in Miami-Dade County’s condominium sector has led to a similar surge in the retail market, according to a third-quarter report from Marcus & Millichap. Miami’s continued condo push has seen retail vacancy plummet — something which is projected to fall to 6.2 percent this year, a 70-basis-point decline. Retail vacancy fell by 90 basis points last year. By comparison, the retail vacancy rate was 9.2 percent in the first quarter of 2010. Retail construction will total 240,000 square feet this year, a 0.3 percent increase in inventory. Developers completed 191,700 square feet of new retail space in 2011. — Alexander Britell