The South Florida retail market experienced a slight improvement in market conditions in the first quarter 2011.
The vacancy rate went from 6.8% in the previous quarter to 6.6% in the current quarter. Net absorption was positive 519,304 square feet, and vacant sublease space increased by 34,134 square feet.
Tenants moving into large blocks of space in 2011 include: Ashley Furniture Home Store moving into 93,680 square feet at 3350 Airport Rd and Burlington Coat Factory moving into 67,899 square feet at Lauderdale Lakes Mall.
Quoted rental rates decreased from fourth quarter 2010 levels, ending at $19.41 per square foot per year.
A total of 11 retail buildings with 201,170 square feet of retail space were delivered to the market in the quarter, with 187,137 square feet still under construction at the end of the quarter.
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