Vacancy Rates Compress Further
In the third quarter of 2022, the Miami-Dade County retail market grew upon sustained demand. The vacancy rate dropped to 3.5 percent, a 30-basis point decrease year-over-year. This was despite the new construction that delivered, which equated to 44,000 square feet in the third quarter and 215,000 square feet year-to-date. Similarly, net absorption remained positive, with 26,000 square feet of absorption by the end of the quarter and 278,000 square feet absorbed year-to-date. The large influx of international buyers in South Florida contributed to the healthy retail market fundamentals seen throughout the region. As a result, the Miami-Dade retail market has been able to remain somewhat insulated from rising inflation rates across the country.