According to the report, rental rates are on the rise, while vacancy rates are dropping. The county's retail vacancy rate is 6.93%, compared with 7.65% in 2000. In addition, the North Miami/Beaches submarket reported the lowest vacancy rate, at 3.85%, the highest rate, 12.32%, was in Hialeah.

The average asking net rental rate for retail space in the county was $19.85 per sf, an 8.64% improvement from the $18.27 per sf three years ago. The Homestead/Naranja submarket has the lowest asking net rental rate at $12.53 and the highest rate--$27.51--was seen in South Miami. The original submarkets all have shown increases in rental rates since 2000.

The report also states the county's ratio of retail sf per person is 12.2-to-1, based on an estimated population of nearly 2.4 million and about 28.7 million sf in total inventory. This ratio compares with the national ratio of 19-to-1. In addition, Four Service Merchandise stores and two Kmart stores closed in the county; however, other regional and national retailers planned expansions offset the closings. Among them: American Signature Gallery, a furniture store that opened in a former Service Merchandise location.