Retail vacancies creep up across South Florida
Across South Florida, retail landlords experienced more tenants moving out of spaces than tenants moving in during the second quarter, according to a recent Colliers report. As a result, the vacancy rate in the tri-county region took a slight hit and average asking rents in Miami-Dade and Palm Beach counties tumbled a bit. The high cost of construction is providing some silver lining for existing retail property owners. South Florida is seeing a slowdown in new retail development with 1.4 million square feet on tap for this year compared to 3.2 million in 2020, Colliers found. Although, retail landlords are […]This article originally appeared on The Real Deal. Click here to read the full story.
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