'Retail Real Estate Remains Healthy Despite Vacancy Growth'

The retail vacancy rate in Miami-Dade County remains healthy with no immediate signs of a slowdown, according to local retail real estate experts.

Even though the vacancy rate slightly increased up to 3.2% in Miami-Dade, the retail storefront market is fundamentally healthy, said Stephen DeMeo, a principal at Lee & Associates.

"Brickell, (Miami) Design District, Lincoln Road (Miami Beach), Wynwood; those areas seem to be thriving from $100 plus a square foot," he said. "There's always demand. If there are openings in these areas, you've got to get them quick."

Another thing is that Miami-Dade is entering the high shopping and holiday season, Mr. DeMeo added.

"We're coming into October where every high-end retail location or street starts filling up," he continued. "This is their time to make money. So, I think that adds up to all the high street retailers wanting to be in place for the shopping season."

According to a recent Miami-Dade County third quarter retail market statistics report, the county has 108,149,917 square feet in retail inventory, with 1,681,715 square feet currently under construction. The average direct asking rate for leases is around $42.56 per square foot.

In Brickell, the vacancies sit at around 2.2% and average rent rates arc going for $68.33. Wynwood /The Design District is seeing a 9. 7% vacancy with an average $58.88 asking rate, and Miami Beach is experiencing 5.7% in vacancies and going for $100.95 in average rental rates, the report said.

"The market's healthy, and I believe prime retail locations are maybe being more selective now, where they are starting to choose who they want in their places." Mr. DeMeo added. "If it's a prime location, there usually are a couple of brands or tenants vying for it. They want the strongest and the right brands in their places. So, I really don't see a slowdown occurring in the next three to six months."

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About Lee & Associates South Florida

Lee & Associates South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee & Associates is the largest agent owned brokerage in the nation with Senior Agent’s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making.  The Lee & Associates’ robust national network that sold and leased over $120 Billion in the last 5 years offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee & Associates South Florida, visit leesouthflorida.com or follow us on Facebook, LinkedIn, Twitter and Instagram, our company local news.

About Lee & Associates

Lee & Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee & Associates has grown its service platform to include over 75 offices in the United States and Canada. Lee & Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers.  For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.