WRE News: Miami’s Retail Renaissance Booming Market’s Defy Population Trends

Miami, FL – November 18, 2023 – According to commercial real estate firm Lee & Associates, Miami’s retail and dining markets are in the midst of a renaissance. The influx of new restaurant and retail tenants has elevated rents to levels second only to New York City, creating one of the lowest vacancy rates in the country. Gucci, for instance, is expanding its presence in the Miami design district, reflecting the area’s significant transformation. While Miami’s commercial vacancy rates remained stable, with a 3% retail vacancy rate as of Q3 2023, the city has experienced substantial growth in construction, particularly in Coral Gables and Miami. Despite the elevated construction pipeline introducing new retail space, vacancies are projected to remain tight, especially in sought-after areas like Downtown Miami and Miami Beach. These vibrant locations, known for lively entertainment and captivating outdoor attractions, continue to attract residents and tourists alike, fostering a thriving retail environment in the heart of Miami.