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.
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| 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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