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MIAMI – The near-term remains challenging for retail property owners in Miami-Dade County, as the recession continues to reduce retail spending, resulting in higher vacancy and greater use of concessions at local properties, according to a third-quarter Retail Research Report by Marcus & Millichap.
Having already climbed 90 basis points this year to 7.6%, countywide vacancy will continue to edge to more than 8% by the close of 2009, the highest year-end level this decade.
