MiamiThe Miami trade area is a very strong market with very low vacancy rates across the board, rising lease rates in all of its submarkets and rampant developments all over the county. Located between an ocean and a swamp, a limited land supply creates high barriers to entry. This, combined with a historically low retail square footage per capita, a dense local population and a healthy tourist business, has kept Miami ahead of the game compared to other counties in South Florida, with premium markets seeing demand exceed supply.

Miami’s growing position globally as the “capital of the Americas” will only serve to further enhance the retail market. The city has risen to become a top-five area among retailers for expansion or entry given its historically healthy sales performance, growing tourist base, and incredibly strong-but-difficult to track seasonal resident factor. Average per capita income has increased 27.3% in the Greater Downtown area compared to 27% in the City of Miami.

With an influx of foreign investment capital, an “it factor” with global visitors, and an “eastward movement” by the city’s residents to the urban core, downtown, the beaches and all of the eastern trade areas of the market will continue to see a new wave of vertical development. Miami Dade is made up of 51.2% of Foreign-Born residents, which translated into 62,518 people in 2012.

Announcements of planned large-scale mixed use developments by Genting and Swire, as well as the redevelopment of the Design District are fueling demand and forcing national and international brands to closely examine their footprint and distribution points in Miami.

Cushman & Wakefield, Inc. - Miami

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Lincoln Road Mall: 25.790193, -80.138140
Brickell Avenue: 25.768578, -80.190085
Midtown Miami: 25.808004, -80.194132
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Midtown Miami presents sidewalks filled with boutiques, cafés, lounges, restaurants and more. Art and culture are at the heart of this neighborhood, with special installations and exhibits adorning the streets in an urban meets chic, indoor-outdoor setting. Midtown Miami is the County's newest lifestyle and entertainment destination. New retailers includes key anchor tenants such as Nordstrom Rack, Target, Marshalls, and PetSmart.

The Design District has become Miami's version of SoHo or the Meat Packing District. Luxury retailers like Hermes, Prada, Louis Vuitton, Celine and Christian Louboutin have opted to occupy the high end corridor that has become a major fashion driving force for high end brands that used to be located mainly in Bal Harbour. With its thriving new restaurants and hip niche retailers, Wynwood has become the next "it" place for those seeking an escape from the tourist traffic on Miami Beach, an alternative to Downtown nightlife and an eclectic counterpoint to the Design District.
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Lincoln Road Mall is a pedestrian-only promenade and the epicenter of what's happening on South Beach. Located between Alton Road and Washington Avenue, Lincoln Road offers unique shopping, sidewalk cafés, bars, galleries, and fine dining. As national retailers evaluate the quality of their footprint in various markets, it is clear that Lincoln Road is becoming recognized as a high street. This, combined with its transition from a boutique tenant mix to one with more national retailers is fueling rent increases and attracting attention from a broader pool of brands. New retailers to Lincoln Road include Lululemon, Nike and Ted Baker.
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Brickell Avenue, located in the Central Business District of Miami-Dade County is known as a financial district with over 200,000 of daytime population. Also located along this corridor is Mary Brickell Village, an upscale dining and retail center. Of major significance is Swire Properties $1 billion Brickell City Centre project which is currently, in various stages, coming to completion. The enormous mixed-use development plans to deliver an additional 900,000 square feet of office space, a 290-key hotel, 500,000 square feet of retail, and more than 500 residential units. The project is a testament to Swire's confidence that Miami is a major global destination. Also under development is the Miami Worldcenter, a long awaited mixed-use project that will span ten blocks and bring about 765,000 square feet of retail, an 1,800 key Marriott Marquis Hotel, and a 470 unit 57-story residential tower to Downtown Miami.

The Downtown Miami corridor, a continuation of the Brickell Avenue sector, continues its metamorphosis to becoming part of Miami's dining and entertainment boom as well as being home to many financial institutions and law firms. Located in the Biscayne Boulevard area is the impressive Museum Park, a 450,000 square feet project that will be made up of a Miami Art Museum as well as a Miami Science Musem and will feature aquarium components, a digital dome and hands on exhibits with interactive digital technology. The development will also house an educational complex, a library, auditorium, and ample workshop spaces. Florida East Coast Industries has also started to develop All Aboard Florida, an intercity rail project connecting Miami, Ft. Lauderdale, West Palm Beach, and Orlando. The project is expected to contribute nearly 200,000 SF of retail space on the street and in the terminal, 215,000 SF of Class A office in Phase I of the project and 800 rental units in two towers above the station.

AventuraTourists, local shoppersBloomingdale's, Macy's, Nordstrom, BCBG Max Azria$70-$85 urban $175-$250 mall
Brickell AvenueTourists, daytime workers, local shoppersBlush Boutique, Studio LX, AT&T, Brickell Jewelers, Blo Blow Dry Bar; Brickell City Centre anchored by Saks Fifth AvenueSaks Fifth Avenue, Cinemex*$100 urban $150-$210 mall
Coconut GroveLocal shoppersGap, Victoria's Secret, Kit and Ace, TKS SurfKit and Ace, Panther Coffee$60-$80
Collins Avenue Retail DistrictTourists, local shoppersSunglass Hut, Sephora, Guess, Intermix, Zara, H&M, Vans, True ReligionVans, H&M$125
Coral GablesLocal shoppersNordstrom, Lacoste, Jimmy Choo, Mayor's, Neiman MarcusJ. Crew, Athleta$55-$70 urban $125-$175 mall
Design District Tourists, local shoppers Louis Vuitton, Prada, Givenchy, Christian Louboutin, Hermes, Bvlgari, Valentino, Dior, Miu Miu, Cartier, Emilio PucciLouis Vuitton, Bulgari, Hermes$175-$225
Downtown MiamiTourists, local shoppers Macy’s, Marshall’s, La Epoca, Guess, Gap$55
Lincoln Road Tourists, local shoppers Zara, H&M, Forever 21, BCBG Maxazria, Victoria's Secret, GAP, Athleta, John VarvatosLululemon, Nike, Ted Baker$325
MidtownTourists, local shoppers Target, Ross, Guess, Marshall's, HomeGoods, Nordstrom Rack, West ElmNordstrom Rack$55-70
Sunset HarbourTourists, local shoppersBarry’s Bootcamp, Green Monkey, IceBox Café$80
Wynwood Tourists, local shoppers Del Toro Shoes, Ducati, Fragpani, Warby Parker, Marine Layer, IllestevaMarine Layer, Illesteva, Shinola$50-65

Data as of May 2016. *New-to-market and expanding tenants are awaiting Brickell CitiCentre’s retail component consisting of 500,000 sf to better determine their footprint in the market.

Downtown Miami and Brickell Avenue are quickly becoming prime locations for the food and beverage sector as the city’s permanent resident population continues its growth pattern and the Central Business District transforms to a 24/7 city.

Recently, La Mar by Gaston Acurio opened its doors in Brickell Key. The chef, a world renowned figure known for exporting Peruvian food to the world has brought tremendous foot traffic to the area with his iconic commitment to good food. Coya Miami is another restaurant spot that has been enjoying a lot of success in Brickell. Notorious restaurants well established in the area include The Capital Grille, Morton’s The Steakhouse, and Truluck’s.

The downtown area has seen an increase in the food and beverage sector with restaurants expanding as well as new- to-market tenants taking advantage of the growing residential population. Zest is one of the newest additions to the Downtown market. Its location inside the Southeast Financial Center at 200 S Biscayne Blvd makes it one of the most convenient dining experiences for both downtown workers and dwellers in search of a lively yet walkable restaurant location. More iconic dining spots include Zuma, CVI.CHE 105, Il Gabbiano, and Azul.

Lincoln Road and South Beach continue to be prime locations for the food & beverage sector with an impressive roster of tenants such as Joe’s Stone Crab, Barton G, Casa Tua, and Nobu among many others. Based on current demand and limited supply in the Miami Beach core, rents are expected to continue to increase as economic conditions improve.

DowntownTourist, local ShopperZest, Zuma$45-$55
Brickell AvenueTourist, local shopperCoya Miami, Capital Grille$70-$90
South BeachTourist, local shopperSeagrape, Stripsteak, Cleo., CVI.CHE 105$85-$100
Lincoln RoadTourist, local shopperSushi Samba$300-$325

Data as of May 2016