Miami-Dade’s Retail Market Intensifies with New Experiential Development

As the nation copes with a complex and shifting retail landscape, Miami-Dade County’s retail market thrives. Though vacancy rates have hovered around 3.5 percent throughout the year of 2017, retail rental rates have increased 23 percent year-over-year. Rates will continue to grow as the 2.3 million square feet of new construction delivers and developable land becomes scarce. A significant 1.6 million square feet of retail development delivered in 2017, with approximately 1.1 million square feet or 69 percent of that space absorbed.