Miami’s retail market is “flourishing,” according to a new report by Colliers International.
In the first quarter, asking rental rates were up 15 percent compared to the same period last year, from $34.56 to $39.59.
Luxury retail in is doing particularly well, with the only issue a lack of available space for expansion, the report states. That has given an opportunity for the Design District, and an expansion at Bal Harbour Shops.
Two malls in Miami are among the top 10 in the U.S. by sales per square foot. Bal Harbour Shops is in first place with $3,185 in sales per square foot, while Aventura reported $1,595 in sales per square foot – impressive, considering its large size.
Aventura and Sawgrass Mills mall recently completed expansions.