Miami Boasts Less Retail Space Availability Than New York, Los Angeles, Data Show
The demand comes with one of the fastest-growing rental rates in the past five years, a CBRE report finds
- For years, Miami has been working to grow, attract investment and claim its spot among the big metropolitan players like New York and Los Angeles from tech to real estate.
- Ana Barcelo, CBRE’s first vice president and high-street retail expert in Miami says, “The rental rates have increased rapidly due to new acquisitions and recent sales. But regardless of that, we are still boasting one of the lowest vacancy rates only because Miami is still a very hot market”
- Another sign South Florida has joined big-league retail markets is the push for high-street retail, or luxury stores lining a street instead of being in an enclosed mall. Lincoln Road and Worth Avenue being the traditional ones, now there’s Miami Design District.
- Rental rates in the Design District range from $55 PSF to $215 PSF NNN, according to a February CBRE Viewpoint report. That’s higher than the asking rent range for Miami’s Brickell District, although it’s not as high as the asking rent range for Lincoln Road at $150 to $275 PSF, according to the report.
- High-street retail has become so popular with international shoppers that it’s led to an adage.