REBusinessOnline has posted an article noting that Colliers reports that Miami-Dade County’s retail market posted 120,934 square feet of negative net absorption in its third quarter (2020), but noting it as a big improvement from the prior quarter. There has been a plethora of big box retailers like Neiman Marcus, Chuck E. Cheese’s, 24 Hour Fitness, JC Penney, CMX Cinemas, Pier 1 Imports, Sears, and many more that are closing stores, thus this should not be surprising.
The article also notes that rents, per this same report, continued to decline in Miami-Dade’s shopping centers in that same third quarter, albeit slightly. Less rent growth, if not contraction, of course tends to accompany negative absorption, thus this also should not be a s huge surprise
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