Miami-Dade Retail Market Report

Evolving retail mix reshapes the urban landscape. Miami-Dade’s expanding economy is set to maintain one of the nation’s fastest income growth rates in 2025, supporting consumer spending across the metro. Submarkets that were slower to recover post-pandemic are gaining traction, driven by a shift toward experience- and cost-oriented businesses. New retail developments in Downtown reflect this trend; Sawyer’s Block will be anchored by discount stores, while a bowling alley and health club will occupy the largest spaces in Miami Worldcenter. Dining and high-end fashion brands are also expected to maintain steady demand for smaller footprints in the urban core, building on the vacancy compression seen in 2024. In the metro’s northern consumer hubs, traditional retailers are also giving way to experiential concepts, exemplified by Aventura Mall adding a new gym and upscale culinary destination. Elsewhere, record-low vacancy below 2 percent in central and southern areas like Hialeah and Kendall may constrain leasing activity while still supporting above-average rent growth.