Feb 12

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail Real Estate

A summary of the highlights, trends, and current market activity for South Florida commercial real estate focusing on Miami-Dade County: Analysis derived and compiled from leasing data and transaction reports in order to better understand the overall health of the CRE market in Miami-Dade County.

View our commercial properties in Florida to see what real estate assets are available for lease / sale.

In Q4 2020 Miami-Dade County’s vacancy rate stayed very stable from Q3 2020: 4.5% to Q4 2020: 4.6%. The asking rate per sq. foot moved down to an average of $35.83, which is -$0.15 per sq. foot compared to Q3’s average of $35.98 / sq. foot. One year ago, the asking rate was $38.83 / sq. foot. Meanwhile, the absorption rate moved up from -230,698 in Q2 2020 to -42,354 in Q4 2020, which represents a +188,344 SF change quarter-to-quarter.

Full List of Top Transactions for Q1 and Q2 2020 & Top Shopping Center Transactions for 2020 Provided Below

Insights on the current retail market in South Florida:

On a macro level, South Florida remains a largely supply constrained market due to the scarcity of available land. Although there has been a softening in rates of non-core product within the market, all properties are still trading at a relatively lower rate than other Florida markets. All new supply that has come to market by means of retailers shuttering has quickly been gobbled up by the development community to either backfill the former retail spaces with new stores, or be repurposed to a new use.”

Marcos Puente, Director of Acquisitions, MMG Equity Partners

Top South Florida Retail Real Estate Lease Statistics Q4 2020 - MMG Equity Partners

KEY RETAIL LEASE STATS: Miami-Dade (Q4 2020)

Vacancy: 4.6% (Up +0.1% compared to 4.5% in Q3 2020)
Absorption: -42,354 (Compared to -230,698 in Q2 2020, +188,344 change)
Asking rate PSF: $35.83 (Compared to $35.98 in Q3 2020, -$0.15 change)

TOP RETAIL LEASING STATISTICS: South Florida (Past 12 Months)

12 Month Deliveries in SF: 953,000 (1.6M in Q2 2020)
12 Month Net Absorption in SF:
455,000 (1.3M in Q2 2020)
Vancancy Rate:
4.3% (4.0% in Q2 2020)
12 Month Rental Growth: 0.5% (0.4% in Q2 2020)

Vacancy rates in the South Florida commercial real estate market have stayed around 3-4% consistently for over 5 years now, even with rental rates reaching historic highs. Miami-Dade County continues to lead rental rates in the area at $35.83 / sf, opposed to Broward County at $21.92 / sf, and Palm Beach County at $23.45 / sf respectively.


1. Cutler Bay Towne Center – South Dade
Crunch Fitness
Size: 33,880 SF
Lease Type: New
Space Type: Shopping Center

2. Doral Square – 8700 NW 36th St – Miami Airport
Tenant: Ross Dress for Less
Size: 24,147 SF
Lease Type: New
Space Type: Mixed-Use

3. River Landing – 1400 NW North River Dr – Miami
Planet Fitness
Size: 18,460 SF
Lease Type: Renewal
Space Type: Mixed-Use

4. 530 Lincoln Rd – Miami Beach
Size: 14,300 SF
Lease Type: New
Space Type: Storefront

5. Palm Springs Mile – 1000-1170 W 49th St – Hialeah
Bella Quinces
Size: 12,000 SF
Lease Type: Renewal
Space Type:Shopping Center

See Top Retail Leases in South Florida Q4 2020

Top South Florida Retail Real Estate Sales Statistics Q4 2020 - MMG Equity Partners


Sales Comparables: 356 (318 in Q2 2020)
Average Cap Rate:
5.8% (6.3% in Q2 2020)
Average Price/ SF:
$267 ($355 in Q2 2020)
Average Vacancy at Sale: 4.8% (6.0% in Q2 2020)


1. The Shops at Sunset Place (5701 Sunset Dr) – Kendall
Price: $65,500,000
Size: 519,000 SF
Price/ SF: $126
Buyer: Midtown Development
Property Type: Mall

2. Winn-Dixie (5850 SW 73rd St) – Kendall
Price: $19,950,000
Size: 20,664 SF
Price/ SF: $918
Buyer: AvalonBay Communities
Property Type: Supermarket

3. Largo Honda Dealership (554 NE 1st Ave) – South Dade
Price: $16,750,000
Size: 180,000 SF
Price/ SF: $96
Buyer: William Lehman Auto Group
Property Type: Auto Dealership

4. 24-7 NW 2nd Ave – Miami 
19,000 SF
Price/ SF: 
Property Markets Group
Property Type: 

5. Walgreens (1202 SW 1st St) – Miami
Price: $6,978,600
Size: 50,814 SF
Price/ SF: $139
Buyer: Oak Street Real Estate Capital
Property Type: Drug Store

See the Top South Florida Retail Real Estate Sales


1. Whole Foods (6705 Rd Rd) – Coral Gables
Price: $46,750,000
Size: 59,694 SF
Price/ SF: $783
Buyer: Zurich Alternative Asset Management
Property Type: Ground Floor Retail

2. Riviera Plaza (1550 – 1560 S Dixie Hwy) – Coral Gables
Price: $23,000,000
Size: 55,161 SF
Price/ SF: $417
Buyer: Publix Supermarkets Inc
Property Type: Storefront

3. 48 NW 25th St
Price: $17,000,000
Size: 22,462 SF
Price/ SF: $757
Buyer: 3 CI Holdings LLP
Property Type: Storefront

4. Suntrust Bank (9600 Collins Ave) – Miami Beach
17,521 SF
Price/ SF: 
BAL Harbour Village 
Property Type: 

5. 955 Alton Rd – Miami Beach
Price: $9,250,000
Size: 16,441 SF
Price/ SF: $563
Buyer: Lockton Companies
Property Type: Restaurant


Top Transaction Highlight in Q1 2020: The top transaction in Q1 2020 was the acquisition of Palmetto Plaza in Miami Lakes by Core Investment Management. The retail shopping center was sold for a total of $3.3M, and the property has 186K square feet total, which made the transaction equal to $179 / square foot.

1. Palmetto Plaza (16341 NW 57th Ave) – Miami Lakes
Price: $33,300,000
Size: 186,000 SF
Price/ SF: $179
Buyer: Core Investment Management
Property Type: Shopping Center

2. Crystal Lake Shopping Center (3338 NE 7th St) – South Dade
Price: $22,713,700
Size: 85,000 SF
Price/ SF: $267
Buyer: Varaz Real Estate
Property Type: Shopping Center

3. Biscayne Plaza (1800 Biscayne Blvd)
Price: $15,450,000
Size: 19,963 SF
Price/ SF: $774
Buyer: Delorean Holdings LLC
Property Type: Ground Floor Condo

4. Chandler Building (1452 Washington Avenue) – Miami Beach
12,379 SF
Price/ SF: 
EXAN Capital
Property Type: 
Storefront Retail

5. Addison House Midtown Miami (21 NW 36th St) – Miami
Price: $11,150,000
Size: 12,140 SF
Price/ SF: $918
Buyer: Adson 36 Street LLC
Property Type: Storefront Retail

See the Top South Florida Retail Real Estate Sales in 2019

Downtown Dadeland South Florida Retail Report 2019


1. The Shops at Sunset Place (5701 Sunset Dr)
Price: $65,500,000
Size: 523,000 SF
Price/ SF: $125
Cap Rate: Not Listed
Vacancy: 5.8%

2. Plaza San Remo (6705 SW 57th Ave)
Price: $46,750,000
Size: 56,694 SF
Price/ SF: $783
Cap Rate: 5.2%
Vacancy: 1.7%

3. Venice at Crystal Lakes (677 NE 35th Ave)
Price: $37,560,000
Size: Not Listed
Price/ SF: Not Listed
Cap Rate: Not Listed
Vacancy: 0%

4. Civica Center (1050 NW 14th St)
Price: $26,000,000
Size: 36,000 SF
Price/ SF: $722
Cap Rate: Not Listed
Vacancy: 50.9%

5. Crystal Lakes Shopping Center (3316 – 3338 NE 7th St)
Price: $22,713,640
Size: 36,000 SF
Price/ SF: $265
Cap Rate: 6.7%
Vacancy: 1.4%

See South Florida’s Top 25 Shopping Center Transactions 2020

Top South Florida Retail Real Estate Construction Statistics Q4 2020 - MMG Equity Partners


Properties Currently Under Construction: 32 (52 in Q2 2020)
Total Size:
1,879,865 (2,320,740 SF in Q2 2020)
Percent of Inventory:
1.4% (1.7% in Q2 2020)
Preleased: 74.7% (75.5% in Q2 2020)

There are currently 32 retail properties under construction in the Miami market representing nearly 2M square feet of new product. The following are the top 5 largest retail projects currently under development.

RETAIL CONSTRUCTION PROJECTS: South Florida (Past 12 Months)

1. 9700 Collins Ave
Size: 340,387 SF
Completion Date: Q1 2024
Developer/ Owner: Bal Harbour Shops / Whitman Family Development
Stories: 2

2. Miami Worldcenter – Retail (NE 1st Ave)
Size: 300,000 SF
Completion Date: Q2 2020
Leasing Co: The Forbes Company
Developer/ Owner: Miami Worldcenter Associates, LLC & The Taubman Company
Stories: 3

Miami Worldcenter in Florida

3. Esplanade at Aventura (19505 Biscayne Blvd)
Size: 215,000 SF
Completion Date: Q2 2020
Developer/ Owner: Seritage Growth Properties
Stories: 3

4. The Plaza Coral Gables (3011 Ponce de Leon Blvd)
Size: 161,000 SF
Completion Date: Q2 2021
Developer/ Owner: Agave Ponce, LLC / Agave Holdings
Stories: 2

5. Doral Square – Building A (8700 NW 36th St)
Size: 141,384 SF
Completion Date: Q2 2020
Developer/ Owner: Agave Ponce, LLC
Stories: 3

View the Top South Florida Retail Project Currently Under Construction


Data sources: MMG Equity Partners, CoStar, and Colliers