Retail availability rises in Miami as store closures drive negative absorption

Retail leasing activity in Miami has softened over the past year as limited space availability and rising costs weigh on expansion plans. In addition, several national brands have filed for bankruptcy in recent quarters, and many of the corresponding store closures have taken place this year. As a result, annual net absorption fell to negative 150,000 square feet, a sharp reversal from the five-year average of positive 810,000 square feet.