South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

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 Q3 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: $63.5B
12-Month Sales Volume: $1.5B
Average Market Cap Rate: 5.4%
12-Month Market Sale Price Change / SF: +4.7%

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: 73%
User: 15%
Institutional: 9%
Private Equity: <1%
REIT / Public: 2%

Buyer Origin:

Local: 46%
National: 51%
Foreign: 3%

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: 60%
User: 21%
REIT / Public: 8%
Institutional: 7%
Private Equity: 4%

Owner Origin:

Local: 56%
National: 40%
Foreign: 4%


Miami Retail Real Estate Statistics: Leases, Sales, and Projects Under Construction – Q3 2023

In Q2 2023 the Miami retail market’s vacancy rate remained even at 3.0% in contrast to Q2 2023 at 3.0%. The asking rate per sq. foot moved down slightly to an average of $44.38, which is +$0.72 per sq. foot compared to Q2 2023’s average asking rate of $43.66 / sq. foot. Meanwhile, the absorption rate went down to 36,521 in Q2 2023 to 234,464 in Q3 2023, which represents a -197,943 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

South Florida : Miami Retail Real Estate Report Q3 2023 - MMG Equity Partners

KEY RETAIL LEASE STATS: Miami-Dade (Q3 2023)

Vacancy: 3.0% (Even compared to 3.0% in Q2 2023)
Absorption: 36,521 (Compared to 234,464 in Q2 2023, -197,943 change)
Asking rate PSF: $44.38 (Compared to $43.66 in Q2 2023, +$0.72 change)

TOP RETAIL LEASING STATISTICS: South Florida (Past 12 Months)

12 Month Deliveries in SF: 2M (1.1M in Q2 2023)
12 Month Net Absorption in SF:
1.8M (1.1M in Q2 2023)
Vancancy Rate:
3.0% (3.0% in Q2 2023)
12 Month Rental Growth: 4.4% (4.9% in Q2 2023)

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 $44.38 / sf with a vacancy rate of 3.0%, as opposed to Palm Beach County at $34.84 / sf with a vacancy rate of 3.4% or Fort Lauderdale with a leasing price of $33.94 / sf and 3.3% average vacancy rate.

Q3 2023 TOP LEASING TRANSACTIONS: South Florida (Past 12 Months)

1. 12350 SW 8th St – Kendall
Flying Squirrel Sports
120,000 SF
Space Type: 
Shopping Center
Tenant Rep Co: 
Not Listed
Leasing Rep Co:
Gadinsky Real Estate

2. Kendall Lakes Plaza – Kendall
At Home
Size: 114,000 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed

3. Grove Central – Coral Way
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. 18325 S Dixie Hwy – Kendall
Big Lots
Size: 36,496 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: Not Listed

5. Miami Worldcenter – Downtown Miami
Club Studio
Size: 35,363 SF
Space Type: Shopping Center
Tenant Rep Co: Not Listed
Leasing Rep Co: The Comras Company


Westland Promenade - Aerial Photograph
Pictured Above: Westland Promenade, where one of the most important retail leases took place in 2022 






See Top Retail Leases in South Florida Q2 2023


Over the course of the past 12 months there have been 423 total retail real estate transactions in Miami / South Florida with an average cap rate of 5.4%. The average price per square foot at the time of sale was $412, and the average vacancy was 3.8%.

Sales Comparables: 423 (449 in Q2 2023)
Average Cap Rate:
5.4% (5.1% in Q2 2023)
Average Price/ SF:
$412 ($395 in Q2 2023)
Average Vacancy at Sale: 3.8% (5.1% in Q2 2023)


Top Transaction Highlight in Q2 2022: Doral Shops (11402 NW 41st St)

1. Doral Shops (11402 NW 41st St)
Price: $57,000,000
Size: 113,354 SF
Price/ SF: $503
Cap Rate: 5.3%
Vacancy: 0%

2. 300 Almeria Ave
143,716 SF
Price/ SF: 
Cap Rate:
Not Listed

3. 45 NE 39th St 
Price: $52,283,387
Size: 8,906 SF
Price/ SF: $5,871
Cap Rate: Not Listed
Vacancy: 0%

4. 10701 SW 211th St
155,837 SF
Price/ SF: 
Cap Rate:
Not Listed

5. 2801 Salzedo St
Price: $45,000,000
Size: 190,678 SF
Price/ SF: $236
Cap Rate: Not Listed
Vacancy: 0%


Miami Worldcenter in Florida

Rendering of one of the largest retail real estate construction projects in Miami over the last few years, Miami WorldCenter


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: 31 (39 in Q2 2023)
Total Size:
2,044,803 (2,754,028 SF in Q2 2023)
Percent of Inventory:
1.4% (1.9% in Q2 2023)
Pre-leased: 94.1% (82.5% in Q2 2023)

RETAIL CONSTRUCTION PROJECTS: South Florida (Past 12 Months)

1. Block 55 at Sawyers Walk
Size: 362,000 SF
Completion Date: Q1 2023
Developer/ Owner: Miami Worldcenter Associates, LLC & The Taubman Company
Stories: 4

2. 9700 Collins Ave
Size: 340,387 SF
Completion Date: Q1 2024
Developer/ Owner: Bal Harbour Shops / Whitman Family Development
Stories: 2

3. Miami WorldCenter – Retail
Size: 300,000 SF
Completion Date: Q3 2023
Developer/ Owner: Miami WorldCenter Associates, LLC / Lalezarian Propertis
Stories: 3

4. SoLe Mia Village
Size: 250,000 SF
Completion Date: Q4 2023
Developer/ Owner: Turnberry Associates
Stories: 1

5. Grove Central – 2718 SW 28th Ln
Size: 196,011 SF
Completion Date: Q4 2023
Developer/ Owner: Terra Group / Grass River Property LLC
Stories: 3


Data sources: MMG Equity Partners & CoStar


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