The South Florida market is playing favorites again: used to be favoring tenants, now it’s landlords, says CREC associate VP Rafael Romero. Either way, rents continue to rise. Rafael adds that New Yorkers are coming down in droves, looking at South Florida as a second chance for an opportunity that may have eluded them in Brooklyn before the boom. He says that vacancy rates in South Florida are hovering around 5.2% and yet average rent is about $22.99/SF. A lot of higher-end markets—Brickell, for example— have low vacancy rates and average rents of $55/SF. CREC is leasing the retail property, Downtown Dadeland, located across from Dadeland Mall, which will soon start valet service and a number of new tenants are to be announced. Also available currently at Downtown Dadeland: a small bit of interior retail space and a second-generation space. For more info on our Bisnow partner and to get a closer look, click here.
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