Wednesday, October 9, 2013

High Occupancy Accelerates Buyer Demand for Retail in Miami-Dade County, FL





MIAMI, FL  -- Improving economic trends are supporting a strong retail property sector in Miami-Dade County, according to a third-quarter market report by Marcus & Millichap.

Fortified by demand from foreign buyers, housing starts are on track this year to rise to their highest annual level since before the recession.

Fontainebleau Hotel, Miami Beach, FL
Travel and tourism are also providing momentum to the local economy. Hotel occupancy is up to nearly 80 percent year to date, and spending by visitors is firming up retail operations.

 Local employers are also creating jobs, albeit at a slower rate than in the first half of last year. Employers may be facing challenges finding local residents to fill degreed positions in professional and business services, and financial services.

 Each sector reduced hiring in the first half of this year. New residential construction has not triggered an expansion of construction employment, though hiring could increase as projects progress from site preparation to interior work.

Healthcare employment is also soft, perhaps reflecting the ongoing difficulties of the Jackson Health System.

The market’s strong consumer demand keeps Miami retail operations as one of the tightest in the nation with overall vacancies averaging under 5 percent.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager
(925) 953-1716

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