CBRE: Luxury retail destination Miami is ‘place to be’ for global brands
The 1Q15 Marketview of CBRE Inc highlighted how Miami’s retail real estate market remains buoyant thanks to the ongoing growth in shopping by tourists. The vacancy rate has been falling and is now at just 3.6%. Total supply is 43.2mn square feet. Net absorption in 1Q15 was 635,000 square feet. Some 1.5mn square feet of retail space is under construction. Average rents are USD43.1 per square foot.
Source : 31 March 2015/CBRE/Miami/RET