With good food, great music and plenty of sunshine, it’s no secret that South Florida is one of the world’s most unique places. It’s also no secret that South Florida loves to shop–which might explain why our retail market stands in contrast to the rest of the country.
According to the latest retail data, vacancy rates in Miami-Dade County remained at 4.5% in Q4 2019, compared to 6.1% nationwide. Net absorption for the year was more than 671,000 SF, and average asking rent increased from $34.81 to $38.18 per SF. It’s an incredibly strong showing in an era notorious for retail struggles.
We’ve written about some of the more notable big-box leases in recent months, including a new Target in Coral Gables and a 30K square foot Pinstripes at the Plaza Coral Gables. And just last week, Next Miami reported that signage for a new Ross went up at the former Burdines space in downtown.
As for how Miami continues to buck national retail trends, analysts cite the city’s density, tourism and foreign dollars. We say it’s all part of the South Florida magic.
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