Miami’s ‘Smoking Hot’ Retail Causing Rents To Skyrocket

The Herald is reporting that Miami’s booming retail market means that there is little vacant space for restaurants, and rents are soaring:

  • One broker told the paper that “The market is as tight as it’s ever been,” and another said that “It’s almost like New York.”
  • Some restaurant leases are tripling or quadrupling
  • Restaurant sales in downtown Miami alone hit $735 in 2014, up 78 percent fro the previous year
  • A CBRE report states that restaurant spending in Miami is growing at the second-fastest rate in the U.S.
  • Craig Robins is charging restaurants just 25 percent of the rent that he charges retail stores in the Design District, in order to bring life to the area. He plans 10 new restaurants by fall 2017