Miami Retail Market Report

High-income earners support tight vacancy. Over the past four years, vacancy has hovered in the high-2 to low-3 percent range, with strong income growth fueling consumer spending. While some headwinds to visitation may dampen retail sales growth in 2026, major events such as the FIFA World Cup and World Baseball Classic should provide a meaningful boost on key dates. However, decelerating population growth and below-average employment gains may modestly pressure the metrowide vacancy rate. The city of Miami, including downtown, posted triple-digit basis-point vacancy increases in 2025, entering 2026 above 5 percent. Even so, local demand drivers — Miami Freedom Park in Miami City and new office deliveries such as the MSC Group headquarters and the well-leased 830 Brickell tower in the CBD — should help sustain retail demand. Conversely, Aventura posted one of the largest vacancy declines among Florida submarkets last year, driven by strong multi-tenant leasing in the second half, with the node’s high-income base supporting continued performance into 2026.