Miami Retail Market Report

Miami's lack of available stock stands out nationally. Metro vacancy measured at just 2.9 percent entering the second quarter of 2024. As one of only three major U.S. markets with a sub-3 percent rate, decreasing amounts of available stock are visible throughout the metro, with 13 of 18 submarkets recording year-over-year declines in the first quarter of 2024. That list included Kendall — the market's largest area by inventory — where vacancy fell by 120 basis points to 2.1 percent, as well as Miami Airport — which has the third most stock — logging a 60-basis-point drop to 2.8 percent. On the other hand, the area with the second-largest retail inventory — the city of Miami — registered a 50-basis-point rise to 4.3 percent. The increase here was a byproduct of robust tenant demand which pushed the local average asking rate up by over 15 percent annually.