Terranova’s very own TRENDS Magazine.
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.
Broward County’s shopping centers continue the upward slope in rents and occupancy that began last year, showing a 3.5% increase in average asking rent between 2012 and 2013. Occupancy continues to improve in most submarkets, but some areas remain mired in double-digit vacancy. Two tenants new to the market signed for locations in Broward, while several big-box tenants such as Whole Foods and Dick’s Sporting Goods seized new locations in the county.
Average shopping center rents in Miami-Dade County increased slightly over the course of 2012 and into 2013, continuing a steady, if slow and uneven recovery. Several big-box retailers are stepping up activity and securing sites, while developers are ramping up a cadre of new retail projects, as vacancy pressure over asking rents continues to dissipate. Nonetheless, countywide vacancy increased slightly, with three big-box retailers closing stores and inline tenancy still showing brisk turnover in some submarkets.