The report, authored by Cushman & Wakefield’s Miami retail brokerage team of Senior Director Greg Masin, Director Frank Begrowicz and Senior Associate Andrea Vigil along with Florida Research Manager Chris Owen, examines the forces acting upon the Miami-Dade County retail market and the emerging trends in the region.
Cushman & Wakefield’s research reveals a resilient market capable of recovering quickly in the wake of the strongest Atlantic hurricane on record; a global destination shaped by an influx of international wealth; and a diverse culture driving the constant reinvention of existing retail concepts.
Highlights of the report include:
- High Street retail in Bar Harbor, Lincoln Road and Design District neighborhoods remain the strongest in terms of asking rents, each at over $300 per square foot. Retailers are drawn to these areas because of high foot traffic and elevated consumer incomes.
- Compared to other major Southeast markets, Miami-Dade County has the highest overall average rental rate at $39.50 per square foot, approximately $15 per square foot higher the two closest other markets, Ft. Lauderdale and Austin, TX.
- Miami-Dade’s “Shadow Market” of part-time international residents remains the main factor to the area’s strong housing resurgence and a catalyst for growth of new retail concepts throughout the region.
- Even as consumer demand has picked up and the population increased, new inventory remained limited until 2017 when almost 380,000 square feet came online in the first quarter with another 1.0 million square feet under construction.
Masin and Owen see the Miami-Dade County market evolving around the logistical challenges facing the region and capitalizing on its status as a cultural crossroads.
“Connectivity is a vital next step in South Florida’s evolution. Segmentation of trade areas due to higher densities and traffic congestion will continue to provide opportunities for clusters of vertical redevelopment and additional distribution points in the market for retailers,” said Masin.
Added Owen, “The market will continue to be at the forefront of the social and economic forces shaping the Miami-Dade market. Increased east-west commerce with Asia will converge with the growing importance of north-south trade with Latin America to ideally place Miami-Dade at the heart of the global economy.”
About Cushman & Wakefield
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