Notable Retail Leases Signed in South Florida Q1 2019

South Florida Retail Leases 2019

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during Q1 2019. This quarter was very busy overall and saw several big box leases signed and sealed. Despite the sentiment that the traditional retail market is suffering due to several factors, particularly e-commerce and several retail store closures nationwide, this quarter’s lease highlights show how the South Florida retail market is robust and resilient. It’s not just the quantity of leases, but also the quality of the spaces leased and the size. Several leases on the list include spaces that are well over 40,000 square feet.

Some big brand tenants that inked leases in South Florida during Q1 2019 include: Publix, Burlington, Denny’s, Michaels, Lucky’s Market, and several major fitness companies, such as Orange Theory, Youfit, and UFC Fitness.

South Florida Q1 2019 As Seen By Our Retail CRE Expert

During the first quarter we saw a large uptick in new leases signed at new, recently delivered projects or those currently under construction. We expect leasing activity to remain robust during the remainder of 2019 throughout these new projects.”

– Marcos Puente, Director of Acquisitions, MMG Equity Partners

Top Retail Leases in South Florida – Q1 2019 (Alphabetically by Submarket)

South Florida Retail Leases 2018

While the headlines for Q4 2018 are focused on the challenges and closures of major chains such as Toys “R” Us, Sears, Macy’s, and J.C. Penny, the retail leasing market in South Florida is stable as evidenced by some major leases signed in the 4th quarter and new retailers entering the market. Some of the major leases include household names, such as: Dollar General, Marshall’s, Aldi Supermarket, and Planet Fitness.

The retail landscape in South Florida remains strong and we have a positive outlook for 2019. Absorption has remained positive throughout Miami-Dade and Broward, as we have seen high demand from many new to market retailers and relatively low supply due to a lack of new construction deliveries. We expect rents to taper off slightly as the roughly 5M SF of new retail under construction is delivered, however are seeing strong activity in the pre-leasing at many of the new construction projects.”

– Marcos Puente, Director of Acquisitions, MMG Equity Partners

Top Retail Leases in South Florida – Q4 2018 (Alphabetically by Submarket)

Commercial real estate in South Florida continued to be a healthy market as exhibited by metrics in the Q3 2018 report.

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

South Florida Q3 2018 As Seen By CRE Professionals

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 – Q2 2018 (Alphabetically by Submarket)