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Market Report

Miami Retail Market Report

3Q 2022

Economic Tailwinds and Historic Tourism Levels Lift
Retail Spending and Leasing Activity in Miami

Vacancy is the tightest in Florida. Miami continues to grow, as local employment gains outpaced the national average by nearly 300 basis points during the past year ending in June, while the market gained more than 26,000 new residents. Additionally, the region is experiencing record levels of tourism, with Miami International Airport on pace to surpass 50 million annual passengers for the first time on record in 2022. The growing populace and influx of visitors is heightening consumer demand for a range of goods and services, and leasing activity has amplified in response. Nearly 1.6 million square feet of space was taken off the market in the trailing 12-month period ending in June. Net absorption more than tripled supply additions during this span, compressing metro availability to 3.5 percent — the lowest rate among major Florida markets.
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