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Polarization characteristic of wireless signals did not attract much attention yet as a dimension that can be exploited for achieving diversity in the full 3D reality. Although spatial-MIMO (S-MIMO) systems have been studied extensively during the past few years, the polarized-MIMO (P-MIMO) attribute of antennas was not addressed similarly. The current analysis aims at studying the P-MIMO potential for a street-canyon scenario and was performed using a P-MIMO 3D channel model based on the ray-tracing technique. It is shown that relative to degenerate polarization-dimension techniques (such as SISO and SIMO) there is a significant capacity improvement when using several polarizations concurrently. Some practical observations are given with respect to the base station antenna orientation and floor-to-walls reflection importance. These results highlight the importance of polarization in MIMO channel models and the potential of P-MIMO implementation in future broadband wireless systems.