A relatively small amount of new space in the coming year will result in a continuation of the growing rental rates South Florida retail experienced this year, the report states.
This year, less than 1.8 million sf of new retail space was delivered in South Florida, the report says. Of that, 1.2 million sf was in Miami, 250,000 sf was in Fort Lauderdale, and 375,000 sf was in West Palm Beach.
This figure for Miami will drop in 2003, when the city is slated to gain 700,000 sf of new space. However, both Fort Lauderdale and West Palm Beach will see more space come online in 2003.
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