South Florida's retail growth is on an upswing. Part of the reason that this part of the commercial real estate sector is booming is because of a tourism boom along with a population growth. The housing market's recovery is also contributing to retail growth in this part of the Sunshine State.
Out of all of the retail markets in Florida, the market in South Florida is considered to have the greatest momentum. As a result, the future of this area looks bright. One of the new developments in South Florida that is garnering attention is the Mall at Miami Worldcenter. This facility spans a whopping 765,000 square feet and includes entertainment, restaurants and retail space. There is also the Brickell City Centre, which is a Miami mixed-use development that is slated to feature a shopping center spanning 565,000 square feet.
The area's rental rates for commercial property are higher than they are in other parts of the state due to the dense population there. In fact, the rental rate was nearly $18 per square foot in the middle of 2015, more than 4 percent higher than it was in late 2014. As a result, the current market is known as a landlord's market, with many retailers fighting for empty spaces.
With the commercial real estate market in Florida growing, particular in the area of retail, developers and investors may naturally be interested in exploring deals in the coming months. If deals are not handled carefully, though, they can easily fall through and cost valuable time and energy. An applied comprehension of the law may help individuals to successfully structure their real estate transactions and make the most of the area's booming retail market.
Source: sun-sentinel.com, "South Florida retail market "most active" in Florida", Miriam Valverde, Sept. 2, 2015