Balancing Supply with Demand
The Miami-Dade County retail market improved in the second quarter of 2022, with tightening vacancy rates based on a sustained increase in demand. Net absorption remained positive and kept pace with new supply. Similarly, leasing activity was robust with 356,000 square feet leased for the quarter and 786,000 square feet leased year-to-date. In result, retail rents reached a record high of $42.10 per square foot NNN, a 15 percent increase year-over-year. As the return to the office strengthens, and foot traffic and in-store sales return to normal levels, it is expected that the Miami-Dade County retail market will remain healthy throughout 2022.