In spite of statewide trends, Miami-Dade shopping centers are providing alluring development opportunities for commercial real estate developers.

Miami-Dade county vacancy rates are bringing down and occupancy rates are higher than anywhere else in Florida. With occupancy rates over 90 percent and rental rates above $18 per-square-foot, Miami has seen a decrease in retail vacancy rates for five straight quarters a recovery not seen in many markets across the nation.

A report by Crossman & Company was presented at the International Council of Shopping Centers Florida that demonstrated Miami-Dade County’s average rental rate clocking in at $21.84 and occupancy at 94.1 percent. These numbers come up as a surprise to many who know that Miami-Dade County also has a near record unemployment rate of 13 percent and wilting consumer confidence that is similar to what is seen statewide.

In comparing, Broward County’s mean rental rate is $17.69 with occupancy at 89.6 percent while Palm Beach County’s rates are at $18 and occupancy is at 89.2 percent.

According to Greg Masin, senior director of retail services at Cushman & Wakefield, a commercial real estate firm, Miami is on fire. The phone is ringing with retailers who desire to be here. A few people are still hurting, but in general this town is healthier than people give us credit for.

For the first time in years, developers are seeing an opportunity for new evolution in Miami Dade. Several South Florida developers are pitching retailers on programs for construction of new shopping centers, something that has been unheard of since the nationwide recession. Many of the pitches are aimed at discount retailers and grocery stores businesses that have stayed relatively strong since the economic downfall.

At the conference, businesses such as Walgreens, Publix, Walmart, LA Fitness, Bealls Department Stores, Sedan’s Supermarkets, Tuesday Morning and Pet Supermarket were among the retailers looking for additional space.

In spite of the increased interest in Miami-Dade commercial development, as usual, price remains a sticking point throughout negotiations. Real estate manager for Walgreen Company, Brenden O’Brien, said, “Some people are still looking to acquire face value for their dirt; it’s just not worth it.

The prices have fall, but just not to the level I’d say my real estate committee would like to see it.” Many developers remain cautious despite the possible Miami-Dade appears to be presenting.

There is a heave in real estate activity in the temple town and more and more people consider it safer to invest in houses.

“Be a proud owner of a plot just at the cost of a cent of land.” “Flats with all amenities are for sale. But a few are left. What are you ready and waiting for? Hurry up.” Posters and billboards call from various outlooks in Madurai, desperately trying to catch the attention of people.

Clearly, the spiraling cost of construction and growing interest rates on housing loans seem to have had little impact on the mushrooming property developers and land promoters in the city. Experts say this should not be viewed as a boom in the real-estate sector, but there is certainly a surge in buying and selling of land or flats.

With banks tramp housing loan interest rates, customers are already feeling the pinch as it has let down their making for a loan. However, one can find crowds waiting for hours at registration offices to get their properties registered, which only points that real estate has evolved as a prospective investment option.

There are also people showing enthusiastic interest in vacant plots which has tremendous potential for development. Cashing in on the enthusiasm, land promoters are trying their level best to woo the new crop of customers by making attractive offers. Most land promoters organize for a free visit to their site which is always a few kilometers away from the city. They cite the distance from the city as an opportunity to live in a peaceful, unpolluted environment away from the din and bustle.

A land promoter says “Buyers need to be more careful while looking at the documents, as there is every chance of them being forged. The land has to be encumbrance free and has to be a clear title. It is better to get a judgment before buying a plot”.

Experts in the field also feel that State Government’s string of initiatives like clamping down on land grabbers, increasing the fees for registering power of attorney and trying to bridge the gap between guideline and market values will bring in a lot of trustworthiness in land dealing.

There is no denying the possible that Madurai holds for property developers. With large corporate houses all set to enter the construction business in the city, one can expect the skyline of the temple town to change drastically in the coming years.

India’s GDP (gross domestic product) increase stands revised upwards to 8 per cent for 2009-10 from the 7.4 per cent expansion estimated former for the fiscal, mainly on the strength of better showing by sectors such as developed and services.

According to the ‘Quick estimates of national income, consumption expenditure, saving and capital formation for 2009-10′ released by the Central Statistical Organization here on Monday, the higher GDP increase rate during 2009-10 has been achieved due to high growth in manufacturing (8.8 per cent), financing, insurance, real estate as well as business services (9.2 per cent), transport, storage and communication (15 per cent), community, social and personal services (11.8 per cent).

At factor cost

The country’s GDP at factor price at constant (2004-05) prices in 2009-10 is estimated at Rs.44.94 lakh crore as against Rs.41.63 lakh crore in 2008-09, which works out to an overall economic expansion of 8 per cent during the year. At current prices, however, it is estimated much higher at Rs.61.33 lakh crore as alongside Rs.52.82 lakh crore in 2008-09 to show an increase of 16.1 per cent for the year.

Although the higher GDP enlargement in 2009-10 signals a faster economic recovery from the slowdown in the wake of the global financial crisis, it also goes on to offer an adverse statistical impact by way of a high base effect to pull down the anticipated expansion during the current fiscal (2010-11) to the lower end of the 8.5-9.0 per cent range.

The CSO data showed that the per capita income (per capita net national income at factor cost) in real terms (at 2004-05 prices), is probable at Rs.33,731 for 2009-10 as against Rs.31,801 in 2008-09 to mark an enlarge of 6.1 per cent during the year, the CSO data showed.At current prices, however, it is expected at Rs.46,492 during the year as against Rs.40,605 for the previous year to post a increase of 14.5 per cent.