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Market Report

Miami Retail Market Report

2024 Investment Forecast

Favorable Supply-Demand Dynamics Further
Miami-Dade’s Appeal to Retail Investors

Nationally strong employment market aids tight retail conditions. Miami is home to some of the nation’s tightest retail vacancy levels, with eight of the metro’s 17 largest submarkets entering 2024 with a sub-2 percent rate. Strong economic growth has bolstered this dynamic. As of late last year, Miami-Dade claimed the lowest unemployment rate across major markets; yet, the pace of job growth is anticipated to register as the nation’s fourth quickest in 2024. Falling vacancy in the office sector last year indicates this growing workforce is also utilizing more in-person attendance models and driving additional midweek foot traffic in major business districts. Accompanying this driver of space demand is a marginal delivery slate, directing ongoing leasing activity to existing stock. This maintains downward momentum on the market’s overall vacancy rate, allowing it to match the lowest figure among major U.S. markets by year-end. 
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