South Florida has seen exponential growth across the tri-county area with occupancy and rental rates at record levels. The demand is due to strong in-migration and a rise in tourist spending.
That’s according to a Spring 2023 JLL Retail report which says that while demand is continuing and has driven rental rates to a point of justifying new development and redevelopment, a lack of product is pushing the market near its peak, which is expected this year. In Miami-Dade, the average occupancy rates are at 96.9%, and asking rental rates are around $39.70 per square foot.
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