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Market Report

Miami Retail Market Report

2019 Outlook

Construction Reaches Cyclical Peak; South Florida Buyers Undeterred

Miami’s high-end retail market faces short-term pressure from new supply and global economics.
However, the underlying fundamentals support a healthy long-term outlook. Supply additions reach a cyclical high this year as several large projects are slated for completion. Miami Worldcenter is the most prominent development underway. When completed by midyear, the 450,000-square-foot project will increase inventory in downtown Miami by more than 10 percent. The largest development in the metro is the 630,000-square-foot SoLe Mia center in North Miami Beach. Beyond new supply, the strong U.S. dollar could discourage overseas tourism, which is a significant component of local retail sales. Long term, the local economy is well positioned as employment growth is led by education and health services, construction, and leisure and hospitality. Retail jobs will also be a significant contributor this year as  hundreds of workers will be hired  at new stores.

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