Terranova’s very own TRENDS Magazine.
Broward County’s shopping centers reversed a three-year trend of downward rents, showing an increase of 3.1% in countywide average asking rent between 2011 and 2012. But the recovery is spotty as vacancy remains a noticeable challenge in several of the county’s submarkets.
Occupancy and asking rents have kept an upward trend in South Florida’s retail streets, with Lincoln Road continuing to exceed in rental levels. New energy is apparent in all South Florida retail streets, from posh Worth Avenue in Palm Beach to gritty Flagler Street in downtown Miami, two streets newly included in this annual report, and which illustrate the challenges and conquests at the two extremes of the urban street experience.
Occupancy and average asking rent in Miami-Dade shopping centers are holding steady going into 2012, sustaining the improvement they began to exhibit a year before and settling into the county’s new normal.