Miami-Dade Retail Investment Forecast
Thriving Retail Market Attracts Tenants and Capital from Across the Nation to South Florida
Miami enters 2022 ahead of pre-pandemic conditions. The local retail market has improved well beyond the baseline set prior to the global health crisis. Since the first quarter of 2020, retail sales are up more than 27 percent, while occupancy and rents have surpassed previous highs. Overall employment will breach the pre-recession threshold this year, as some of the key sectors in the local economy open more broadly. Although tourism to Florida has nearly returned to pre-pandemic levels, the number of international travelers to Miami remains more than 50 percent below the 2019 rate. These travelers, many from Latin America, are key to the leisure and hospitality employment sector, which represents approximately 70 percent of all jobs still unrecouped due to the pandemic. In the meantime, Miami will remain a favorite among domestic travelers, though some car travelers are not making the longer journey to the tip of Florida. Developers have responded to strong demand with several projects underway; nearly 90 percent of the space coming out of the ground, however, has existing leasing commitments.