SHOPPERSâ€™ BOULEVARD Centers on busy Biscayne Boulevard prop up the North Miami / The Beaches submarket This is a small submarket that includes Miami Beach, where the highest-priced property in the submarket is located. Available space in this center (Fifth & Alton) in 2014 led to a noticeable increase in average asking rent, up 23.7% to $25.88. Without including this center, average rent in the rest of the inventory is $20.84, virtually unchanged from a year before. The vacancy rate of 7.5% is an increase from 5.3% in 2013, and reflects the addition of Mall at 163rd Street to the inventory, as this property has ample availability. In addition to Fifth & Alton, the strongest centers in this submarket are the ones fronting Biscayne Boulevard, while centers off this main highway have substantially lower asking rents.
Terranova TRENDS Miami-Dade Subruban Shopping Center Report 2014