Retail in Miami’s Popular Tourist Destinations is Underperforming

Miami’s retail market has performed well over the last year, with healthy demand keeping pace with a limited supply of available new and back-fill space. In fact, Miami has the fifth lowest retail vacancy rate out of all major U.S. markets, with more than 100 million square feet of inventory. As a result, Miami's asking rent growth of 3.6% is above U.S. gains of 2.4% over the last year.