Miami-Dade Retail Market Report
New Supply Has High Pre-Leasing Commitments;
Reopened Economy Benefits Retail
Miami retail benefits from early opening. Despite a recent increase in COVID-19 cases, large tracts of Florida’s economy have remained open, supporting retailers since the health crisis. In addition to locals, vacationers seeking areas with more lax restrictions have sought out South Florida over the course of the last several months. Demographics have also favored the market as more people accelerated retirement plans and moved to the area. Over the past year, the population age 65 and older has grown by 3.5 percent, outpacing the national rate of 3.1 percent. This cohort generally has the largest portion of wealth, boosting retail sales. In the last 12 months, total retail sales in the metro jumped 28.5 percent as more residents ventured out to take advantage of local amenities and travelers flocked to the area.