New development is reshaping Miami-Dade County’s retail market. In the past eighteen months close to 1.8 million square feet of new retail developments have been added to Miami-Dade’s inventory with cutting edge concepts capturing global attention. Projects such as Brickell City Center have become the model for urban shopping centers across the world.
As the retail industry undergoes a major transformation and adapts to the new shopping environment, Broward County leads the way as one of the most coveted retail markets where retailers continue to expand and quickly backfill vacated space. In the second quarter, market fundamentals strengthened. The market tightened despite approximately 250,000 square of new retail space delivered to the market year-to-date. The vacancy rate has plummeted by 130 basis points since the end of 2016 and countywide market rents are up by 60 basis points to $20.44 per square foot. This trend is expected to continue as discount stores, off-price apparel, grocery stores, restaurants and new service retail concepts continue to emerge.
The growing population and booming residential development in Palm Beach County continues to be a major driver for growth in the retail sector. In the past two years vacancy rates have dropped by 180 basis points and stabilized since the end of 2016 at around 4.5 percent. Meanwhile rents have soared 14.2 percent over two years to over $20.00 per square foot.
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