South Florida Retail Report

MIAMI-DADE RETAIL MARKET

Miami’s retail vacancy rate hit a 10-year high in 2020 as many retail storefronts were left vacant due to the pandemic. However, conditions in 2021 have improved. The vacancy level has decreased and asking rents have continued to rise, with a 4.3% increase from 2019, albeit at a slower pace than pre- pandemic. Miami has also benefited from an influx of new residents, companies, and restaurants/retailers that have migrated to the region from areas such as the Northeast and California.

Quick Stats

Inventory: 136 MSF Average Asking Rate: $37.87/NNN Vacancy Rate: 3.8% Under Construction: 3.7 MSF

Source : Costar

Key Areas/Developments

NW 23rd Ave

Wynwood Historically known for warehouses and factories, Wynwood transformed into one of the most vibrant districts in all of South Florida. Known for it’s art galleries, retail stores and bars/ restaurants, Wynwood is a premier international destination for art, fashion, and innovation becoming a true 24/7 community. The area is one of three locations in the world to host the international art fair, Art Basel. Miami Design District Minutes away from Wynwood, the Miami Design District is one of the world’s premier luxury-retail destinations with Dior, Hermes, Louis Vuitton and many more establishing a presence. The Design District’s numerous dining spots are from renowned chefs from all over the world. Miami WorldCenter Miami Worldcenter is being developed into a dynamic destination to experience the best of shopping, dining and entertainment in Miami. The project is expected to bring over 300,000 square feet of retail and over 40 dining, shopping, and entertainment opportunities once completed. Miami Beach Miami Beach continues to be one of the strongest retail trade areas in Miami-Dade, supported by domestic and international visitors as well as affluent full-time and seasonal residents. The Lincoln Road and Collins Avenue retail corridors are two of the most well known high-streets in the country. As tourism rebounds further in 2022, the underlying fundamentals of Miami Beach remain a strong attractor to retailers.

NW 24th Ave

N

Airpor

NW 11

Beacom

SW 24

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