Miami Retail Market Report

Conditions strengthen in the world-renowned retail corridor. Substantial net in-migration in 2022, and thus far in 2023, has correlated with the number of occupied apartments in Downtown Miami-South Beach climbing 4,200 units above its 2019 measure as of June. Office vacancy along Miami Beach, specifically, also sits well below its pre-pandemic measure, while local hotel demand has continued to improve. The popularity here has translated to notable daytime foot traffic and sustained retail sales growth above historical norms, encouraging local retail vacancy to hold at 4.6 percent in June, its lowest point since 2018. This was largely the result of nationally tight multi-tenant conditions here. Entering July, segment vacancy was at 0.3 percent, the second-lowest measure among major U.S. metro submarkets with at least 2 million square feet of stock.