Retail Rents In Miami Are Up 15% In Just One Year

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.

 

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Anonymous
3 years ago

Seen this before and this doesn’t end well.

In the endless search for yield, “investors” have bid up real estate prices and thus rents have to raise. Only large well-funded national chains can afford these rents.

Take a look around and you’ll see the same retail as anywhere else. Say bye-bye to diversity.

Soon you’ll start seeing more and more empty storefront as the number of retailers able to afford the rent dwindles.

Anonymous
3 years ago

With Rent increasing this does not bod well for our low income residents. With the low paying retail jobs disappearing and rents increase I predict crime to increase.

Anonymous
3 years ago

For an example, see Lincoln Road. What was once a truly unique amenity has been transformed by high rents into a bland mall with the same stores as every other shopping center in the country.

Anonymous
3 years ago

Very true. I was a beach resident who used to spend a good bit of my free time walking Lincoln Road and stopping into unique local establishments. At this point, I avoid it for the same reasons I avoid Ocean Dr.

Anonymous
3 years ago

Face it, you avoid those areas because you’re old now.

Anonymous
3 years ago

Lol.. true!!

Gene
3 years ago

I hope that was a joke? We could use a few more older people in Lincoln Rd

Anonymous
3 years ago

Be for real, even older people wanna look at young, hot, tender bodies!

Anonymous
3 years ago

perfect example of the homogenization of America…

Anonymous
3 years ago

What are you talking about?

It has Nike, Gap, Marshall’s, Ross… oh wait.

Anonymous
3 years ago

Really?
What other city has a Nespresso, Tachen, Baires. Juvia, Diesel, Intermix, and Y-3 in an outdoor pedestrian mall?

Anonymous
3 years ago

This seems similar to “nobody goes there anymore …it’s to crowded”
Miami has tremendous diversity in their retail.

No…what happens is, the population in Miami continues to grow. Tourist visits continue to increase, and unemployment is at historic lows.

Anonymous
3 years ago

Well… isnt this what you luxury density fanboi’s have been cheerleading ad nauseam ??!! Build build build !! And now look at some of you finally realizing the result. I simply can’t wait for the last blue collar worker to leave with the American flag so the luxurious set can clean their own toilets, park their own cars and mow their own lawns.

Gene
3 years ago

Yup – that’s pretty much the truth. The next crash is on its way – at some point – and then you’ll see lots of empty storefronts. But let’s raise the rent anyway……..

Anonymous
3 years ago

Ultra-luxury for the most part has been immune to economic woes. The same with low-end establishments, but online shopping is even making Walmart struggle. It’s mid-range stuff like Sears, J.C. Penney, Macy’s, etc. which are unfortunately dying.

Gringo
3 years ago

I think your mistaken by Blue Collar worker and now Green Collar workers, who work there way up, start there own business and become the multi millionaire next door….

Anonymous
3 years ago

Lincoln Road has a lot of foot traffic but too many hustlers peddling their business on the sidewalk.