Miami-Dade Retail Market Report
Miami-Dade Boasts Florida's Tightest Retail
Sector Amid Abundant Pipeline
Miami weathered the storm. Buoyed by record levels of domestic tourism and an influx of new residents, Miami's retail sector showed its resiliency throughout the health crisis. At its peak, metrowide vacancy had only risen 20 basis points above the 2019 rate, and has since fallen 100 basis points to 3.7 percent entering the second quarter — the lowest rate among all major Florida markets. Retail demand has been strong, evidenced by six consecutive quarters of positive net absorption. Leasing activity is robust in South Dade, Miami (City) and Kendall, submarkets receiving much of the metro's incoming population. Retailers have also shown a willingness to pay a premium to set up shop in affluent, urban areas in the metro like Coconut Grove, Brickell and Miami Beach, where asking rents have surged above $60 per square foot in the past year.