According to the Marcus & Millichap retail report for Miami, the Miami retail recovery will continue to outpace the nation as retailers fill dark space and developers remain slow to increase inventory.
Necessity-based and discount retailers, which did well during the recession, are moving forward with expansion plans.
Grocery stores such as Aldi, Publix, Whole Foods and Sav-A-Lot are among those recently adding stores in the county.
Discounters such as Family Dollar and Walmart have also announced plans for new store locations. In addition, health clubs including U-Fit Health and Performance, which are well suited for the market, are filling up large blocks of vacated space.
At the other end of the spectrum, foreign buyers who are purchasing condos in nearby downtown Miami are helping make the Design District, located between Biscayne Boulevard and N. Miami Avenue, the new luxury shopping destination in Miami, boasting retail building sales as high as $350 to $1,200 per square foot. Hermes, Louis Vuitton, Christian Dior and Bulgari are expected to be added to the list of high-end retailers this year.
Recent land purchases by retail developers are an indication that construction activity is likely to remain heightened in the years ahead.
The planned 850,000-square-foot shopping center at Biscayne Landing in North Miami will be the first phase of a 190-acre project that includes offices and residences.
The project could include Lowe’s, Dick’s Sporting Goods, City Furniture, Kohl’s and Ross, according to documents filed with the city.
Sources: CityBiz and SFBJ
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