Notable Retail Leases Signed in South Florida Q3 2018

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q3 2018.

While the headlines are focused on the challenges and closures of major chains such as Kmart, Sears, and Sport’s Authority, the retail leasing market in South Florida remains strong as evidenced by some major leases signed in the 3^rd quarter and new retailers entering the market.

Retail leasing activity in South Florida remains robust. Vacancy rates overall remain at historically low levels, with Miami and Fort-Lauderdale both at 3.8%. The coming quarter should be a busy one, with a flurry of activity from retailers and developers vying for the best real estate left behind by the closures of Toys R Us, Sears, and Kmart.”

– Gabriel Navarro, Principal, MMG Equity Partners

Industry executives gathered at the Commercial Conference & Expo 2018 on October 19th, hosted by the Miami Association of Realtors, to discuss trends and state of the market. Interesting panelist comments included:

The reality is retail vacancy in South Florida is 4%. Nationwide, the retail landscape is different, but even then you’ve had more business open than close in the last year.”

– Rafael Romero, Vice President, CREC

On a national level, the reality is 12,000 new stores opened versus 8,000 closed in the last year. There are head winds no doubt – interest rates are up, construction costs are up, but in many ways that tempers development and the amount of space coming on the market, which is not necessarily a bad thing.”

– Rod Castan, President Leasing and Management Division, Courtelis Company

Top Retail Leases in South Florida – Q3 2018 (Alphabetically by Submarket)

Top Retail Leases in South Florida – Q2 2018 (Alphabetically by Submarket)

Commercial real estate in South Florida continued to be a healthy market as exhibited by metrics in the Q2 2018 report.