Retail landlords are
demanding that tenants fork over much higher rents in Miami-Dade County as new
projects come online.
CBRE’s first
quarter retail market study found the asking rates for retail in Miami-Dade
rose 18 percent, year-over-year.
Kenneth Krasnow,
managing director for CBRE in South Florida, said higher asking rates are a
reflection of the many high-end retail properties under development that are
seeking tenants. For instance, the Miami Design District is seeking upscale
shops.
“The Miami market continues
to be one of the strongest retail markets in the country,” Krasnow said.
“Asking rents will continue to go up.”
Original Content Provided by Biz Journal
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