Florida leads U.S. in retail construction

Miami is leading Florida’s statewide retail development, as major projects from Taubman Centers and Swire Properties are in the works. CBRE predicts that rental rates in Miami will increase by 37 percent in the next five years, with markets such as West Palm Beach seeing 16 percent growth. Florida was home to more than 29 percent of all new retail development in the U.S. this quarter. Markets across Florida are largely benefiting from lower unemployment rates, a housing resurgence, strong tourism and population growth, and a 6 percent increase in consumer spending in the first quarter. Read the SCT Newswire story here