Market Snapshot for South Florida Retail Real Estate
Here’s our quarterly summary South Florida commercial real estate focusing on Miami retail real estate. The report includes statistical highlights (cap rates, vacancy rates, absorption, etc), the latest retail transactions, signed leases, retail trends, and current market activity. The retail real estate report is updated by our CRE experts who focus on the retail real estate sector. The analysis is derived and compiled from leasing data, transaction reports, and under construction projects in order to better understand the overall health of the Miami retail real estate market.
View our commercial properties in Florida to see what real estate assets are available for lease / sale.
Before we dive into the specific statistics for Miami’s retail market in Q2 2023, let’s take a look at the overall capital markets figures to give some context to the region’s retail real estate sector.
Miami Retail Capital Markets Statistics
Total Asset Value: $62.7B
12-Month Sales Volume: $1.9B
Average Market Cap Rate: 5.3%
12-Month Market Sale Price Change / SF: +5.7%
Miami Retail Real Estate Sales Volume by Buyer Type & Origin (Past 12 Months)
Below are the buyer types and their origins, i.e.: local, national, or international investors of retail properties in Miami.
Buyer Type:
Private: 75%
User: 9%
Institutional: 3%
Private Equity: 3%
REIT / Public: 10%
Buyer Origin:
Local: 33%
National: 65%
Foreign: 2%
Miami Retail Real Estate Asset Value by Owner Type & Origin (Past 12 Months)
Below are the owner types and the origins of retail property owners in Miami broken down by their percentage of representation.
Owner Type:
Private: 59%
User: 18%
REIT / Public: 10%
Institutional: 8%
Private Equity: 5%
Owner Origin:
Local: 56%
National: 40%
Foreign: 4%
Miami Retail Real Estate Statistics: Leases, Sales, and Projects Under Construction – Q2 2023
In Q2 2023 the Miami retail market’s vacancy rate remained even at 3.0% in contrast to Q4 2022 at 3.0%. The asking rate per sq. foot moved down slightly to an average of $43.66, which is -$0.78 per sq. foot compared to Q4 2022’s average asking rate of $44.44 / sq. foot. Meanwhile, the absorption rate went up from 6,148 in Q4 2022 to 234,464, which represents a +228,316 SF change quarter-to-quarter.
Insights on the current retail market in South Florida:
The Miami market is firing on all cylinders with an abundance of capital seeking limited inventory that is driving property prices and rents higher. Rent growth has been significant, and transactions that are currently under contract or have recently traded are setting record numbers, in all asset classes.”
– Marcos Puente, Director of Acquisitions, MMG Equity Partners
KEY RETAIL LEASE STATS: Miami-Dade (Q2 2023)
Vacancy: 3.0% (Even compared to 3.0% in Q4 2022)
Absorption: 234,464 (Compared to 6,148 in Q4 2022, +228,316 change)
Asking rate PSF: $43.66 (Compared to $44.44 in Q4 2022, -$0.78 change)
TOP RETAIL LEASING STATISTICS: South Florida (Past 12 Months)
12 Month Deliveries in SF: 1.1M (429,000 in Q4 2022)
12 Month Net Absorption in SF: 1.1M (5883,000 in Q4 2022)
Vancancy Rate: 3.0% (3.0% in Q4 2022)
12 Month Rental Growth: 4.9% (7.2% in Q4 2022)
Vacancy rates in the South Florida commercial real estate market have stayed around 3-4% consistently for over half of a decade now, even with rental rates once again reaching historic highs and recovering once again after the initial impact of the pandemic. Obviously Covid-19 had a widespread effect on many markets, including South Florida retail; however, Miami continues to lead rental rates in the area at $43.66 / sf with a vacancy rate of 3.0%, as opposed to Palm Beach County at $34.04 / sf with a vacancy rate of 3.4% or Fort Lauderdale with a leasing price of $33.72 / sf and 3.4% average vacancy rate.
Q2 2023 TOP LEASING TRANSACTIONS: South Florida (Past 12 Months)
1. Kendall Lakes Plaza – Kendall
Tenant: At Home
Size: 114,000 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed
2. Plaza Alegre – Kendall
Tenant: Publix
Size: 44,300 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: JLL
3. Grove Central – Coral Way
Tenant: Club Studio
Size: 38,400 SF
Space Type: Shopping Center
Tenant Rep Co: The Shopping Center Co
Leasing Rep Co: Metro Commercial Real Estate
4. Doral Square – Miami Airport
Tenant: UFC Gym
Size: 30,012 SF
Space Type: Shopping Center
Tenant Rep Co: The Comras Company
Leasing Rep Co: Courtelis Company
5. Miami Worldcenter – Downtown Miami
Tenant: Club Studio
Size: 35,363 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: The Comras Company
Q4 2022 TOP LEASING TRANSACTIONS: South Florida (Past 12 Months)
1. Target – South Dade
Tenant: Target
Size: 72,301 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed
2. Westland Promenade – Hialeah
Tenant: Conn’s HomePlus
Size: 40,000 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Sterling Organization
3. Miami Worldcenter – Downtown Miami
Tenant: Club Studio
Size: 35,363 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: The Comras Company
4. Midway Crossings – Miami Airport
Tenant: Micro Center
Size: 30,012 SF
Space Type: Shopping Center
Tenant Rep Co: CC Consulting
Leasing Rep Co: Sterling Organization
5. Development Opportunity – Submarket Not Listed
Tenant: Not Listed
Size: 30,000 SF
Space Type: Not Listed
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed
Q3 2022 TOP LEASING TRANSACTIONS: South Florida (Past 12 Months)
1. Target – South Dade
Tenant: Target
Size: 72,301 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed
2. BMW and Mini Cooper – Kendall
Tenant: South Motors
Size: 72,249 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed
3. Westland Promenade – Hialeah
Tenant: Conn’s HomePlus
Size: 40,000 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Sterling Organization
4. Midway Crossings – Miami Airport
Tenant: Micro Center
Size: 30,012 SF
Space Type: Shopping Center
Tenant Rep Co: CC Consulting
Leasing Rep Co: Sterling Organization
5. Development Opportunity – Submarket Not Listed
Tenant: Not Listed
Size: 30,000 SF
Space Type: Not Listed
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed

Q2 2022 TOP LEASING TRANSACTIONS: South Florida (Past 12 Months)
1. BMW and Mini Cooper – Kendall
Tenant: South Motors
Size: 72,249 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed
2. Westland Promenade – Hialeah
Tenant: Conn’s HomePlus
Size: 40,000 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Sterling Organization
3. Miami WorldCenter – Downtown Miami
Tenant: Bowlero
Size: 31,000 SF
Space Type: Shopping Center
Tenant Rep Co: The Comras Company
Leasing Rep Co: The Comras Company
4. Development Opportunity – Submarket Not Listed
Tenant: Not Listed
Size: 30,000 SF
Space Type: Not Listed
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed
5. Palm Spring Mile – Hialeah
Tenant: Not Listed
Size: 24,024 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Philips International
Q1 2022 TOP LEASING TRANSACTIONS: South Florida (Past 12 Months)
12 Month Deliveries in SF: 818,000 (680,000 in Q4 2021)
12 Month Net Absorption in SF: 1.9M (1.8M in Q4 2021)
Vancancy Rate: 3.2% (3.4% in Q4 2021)
12 Month Rental Growth: 8.3% (6.4% in Q4 2021)
1. Shops at Botanica – South Dade
Tenant: Walmart
Size: 158,000 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed
2. BMW and Mini Cooper – Kendall
Tenant: South Motors
Size: 72,249 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed
3. Meadows Shopping Center – Outlying Miami-Dade County
Tenant: Publix
Size: 47,955 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: JLL / Romero Law Firm
4. Biscayne Retail Center – Aventura
Tenant: Burlington
Size: 35,000 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Axiom Capital Advisors
5. Miami WorldCenter – Downtown Miami
Tenant: Bowlero
Size: 31,000 SF
Space Type: Shopping Center
Tenant Rep Co: The Comras Company
Leasing Rep Co: The Comras Company
See Top Retail Leases in South Florida Q2 2023
TOP RETAIL SALES STATISTICS: Miami (Past 12 Months)
Over the course of the past 12 months there have been 581 total retail real estate transactions in Miami / South Florida with an average cap rate of 5.2%. The average price per square foot at the time of sale was $397, and the average vacancy was 3.5%.
Sales Comparables: 449 (581 in Q4 2022)
Average Cap Rate: 5.1% (5.2% in Q4 2022)
Average Price/ SF: $395 ($350 in Q4 2022)
Average Vacancy at Sale: 5.1% (3.5% in Q4 2022)
TOP RETAIL SALES TRANSACTIONS: Miami-Dade (Q2 2023)
Top Transaction Highlight in Q2 2022: Mary Brickell Village
1. Mary Brickell Village (900 S Miami Ave)
Price: $185,730,976
Size: 198,600 SF
Price/ SF: $935
Cap Rate: Not Listed
Vacancy: 4.3%
2. Life Time – Gables Station (237 S Dixie Hwy)
Price: $84,406,293
Size: 125,000 SF
Price/ SF: $675
Cap Rate: Not Listed
Vacancy: 4.3%
3. Doral Shops (11402 NW 41st St)
Price: $57,000,000
Size: 113,354 SF
Price/ SF: $503
Cap Rate: 5.3%
Vacancy: 0%
4. 45 NE 39th St
Price: $52,283,387
Size: 8,906 SF
Price/ SF: $5,871
Cap Rate: Not Listed
Vacancy: 0%
5. Colonial Palms Plaza (13601 – 13621 S Dixie Hwy)
Price: $49,718,922
Size: 129,229
Price/ SF: $385
Cap Rate: Not Listed
Vacancy: 2.6%
TOP RETAIL SALES TRANSACTIONS: Miami-Dade (Q4 2022)
Top Transaction Highlight in Q2 2022: Mary Brickell Village
1. Mary Brickell Village (900 S Miami Ave)
Price: $185,730,976
Size: 198,600 SF
Price/ SF: $935
Cap Rate: Not Listed
Vacancy: 4.3%
2. Lincoln Center (1100 – 1120 Lincoln Rd)
Price: $93,600,000
Size: 129,360 SF
Price/ SF: $724
Cap Rate: Not Listed
Vacancy: 17.0%
3. Life Time – Gables Station (237 S Dixie Hwy)
Price: $84,406,293
Size: 125,000 SF
Price/ SF: $868
Cap Rate: Not Listed
Vacancy: 0%
4. Doral Shops (11402 NW 41st St)
Price: $57,000,000
Size: 113,354 SF
Price/ SF: $503
Cap Rate: 5.3%
Vacancy: 0%
5. Colonial Palms Plaza (13601 – 13621 S Dixie Hwy)
Price: $49,718,922
Size: 129,229
Price/ SF: $385
Cap Rate: Not Listed
Vacancy: 2.6%
TOP RETAIL SALES TRANSACTIONS: Miami-Dade (Q3 2022)
Top Transaction Highlight in Q3 2022: Mary Brickell Village
1. Mary Brickell Village (900 S Miami Ave)
Price: $185,730,976
Size: 198,600 SF
Price/ SF: $935
Cap Rate: Not Listed
Vacancy: 10.0%
2. Westland Mall (1675 W 49th St)
Price: $149,354,700
Size: 315,083 SF
Price/ SF: $474
Cap Rate: Not Listed
Vacancy: 0%
3. Life Time – Gables Station (237 S Dixie Hwy)
Price: $108,553,806
Size: 125,000 SF
Price/ SF: $868
Cap Rate: Not Listed
Vacancy: 0%
4. Lincoln Center (1100 – 1120 Lincoln Rd)
Price: $93,600,000
Size: 129,360 SF
Price/ SF: $724
Cap Rate: Not Listed
Vacancy: 17.0%
5. Homestead Pavilion (2457 NE 10th Ct)
Price: $56,426,562
Size: 201,224
Price/ SF: $280
Cap Rate: Not Listed
Vacancy: 0%
TOP RETAIL SALES TRANSACTIONS: Miami-Dade (Q2 2022)
Top Transaction Highlight in Q2 2022: Mary Brickell Village
1. Mary Brickell Village (900 S Miami Ave)
Price: $185,730,976
Size: 198,600 SF
Price/ SF: $935
Cap Rate: Not Listed
Vacancy: 10.0%
2. Westland Mall (1675 W 49th St)
Price: $149,354,700
Size: 315,083 SF
Price/ SF: $474
Cap Rate: Not Listed
Vacancy: 0%
3. Lincoln Center (1100 – 1120 Lincoln Rd)
Price: $93,600,000
Size: 129,360 SF
Price/ SF: $724
Cap Rate: Not Listed
Vacancy: 17.0%
4. Homestead Pavilion (2457 NE 10th Ct)
Price: $56,426,562
Size: 201,224
Price/ SF: $280
Cap Rate: Not Listed
Vacancy: 0%
5. Aventura Parksquare (2940 NE 207th St)
Price: $48,000,000
Size: 50,149 SF
Price/ SF: $957
Cap Rate: Not Listed
Vacancy: 0%
TOP RETAIL SALES TRANSACTIONS: Miami-Dade (Q1 2022)
Sales Comparables: 684 (594 in Q4 2021)
Average Cap Rate: 5.5% (5.6% in Q4 2021)
Average Price/ SF: $402 ($432 in Q4 2021)
Average Vacancy at Sale: 4.2% (5.6% in Q4 2021)
Top Transaction Highlight in Q1 2022: Westland Mall
1. Westland Mall (1675 W 49th St)
Price: $149,354,700
Size: 315,083 SF
Price/ SF: $474
Cap Rate: Not Listed
Vacancy: 0%
2. Southland Mall (20505 S Dixie Hwy)
Price: $100,400,000
Size: 468,026 SF
Price/ SF: $215
Cap Rate: Not Listed
Vacancy: 0%
3. Homestead Pavilion (2457 NE 10th Ct)
Price: $56,426,562
Size: 201,224
Price/ SF: $280
Cap Rate: Not Listed
Vacancy: 0%
4. Aventura Parksquare (2940 NE 207th St)
Price: $48,000,000
Size: 50,149 SF
Price/ SF: $957
Cap Rate: Not Listed
Vacancy: 0%
5. Tamiami Trail Shops (13740 – 13876 SW 8th St)
Price: $46,589,230
Size: 120,626 SF
Price/ SF: $552
Cap Rate: Not Listed
Vacancy: 0%
Rendering of one of the largest retail real estate construction projects in Miami over the last few years, Miami WorldCenter
RETAIL CONSTRUCTION PROJECTS STATISTICS: South Florida (Past 12 Months)
There are currently 39 retail properties under construction in the Miami market representing a little over 2.75M square feet of new product. This represents 1.9% of the total retail real estate inventory and just over 80% of the total space is pre-leased.
Below the stats you’ll find the top-5 largest retail projects currently under development.
Properties Currently Under Construction: 39 (52 in Q4 2022)
Total Size: 2,754,028 (3,578,925 SF in Q4 2022)
Percent of Inventory: 1.9% (2.5% in Q4 2022)
Pre-leased: 82.5% (89.3% in Q4 2022)
RETAIL CONSTRUCTION PROJECTS: South Florida (Past 12 Months)
1. The Shoppes at Highland – NW 138th St
Size: 400,000 SF
Completion Date: Q3 2023
Developer/ Owner: Dacar Management, LLC
Stories: 1
2. Block 55 at Sawyers Walk
Size: 362,000 SF
Completion Date: Q1 2023
Developer/ Owner: Miami Worldcenter Associates, LLC & The Taubman Company
Stories: 4
3. 9700 Collins Ave
Size: 340,387 SF
Completion Date: Q1 2024
Developer/ Owner: Bal Harbour Shops / Whitman Family Development
Stories: 2
4. Miami WorldCenter – Retail
Size: 300,000 SF
Completion Date: Q3 2023
Developer/ Owner: Miami WorldCenter Associates, LLC / Lalezarian Propertis
Stories: 3
5. SoLe Mia Village
Size: 250,000 SF
Completion Date: Q4 2023
Developer/ Owner: Turnberry Associates
Stories: 1
Data sources: MMG Equity Partners & CoStar