Miami Retail Spending Has Slightly Slowed, but Demand for Retail Space Remains Strong

Record levels of tourism and new residents to South Florida are keeping the demand for goods and services up as the need for retail space and leasing activity rises into the new year. 

According to a Q3 Miami Retail Market Report by Marcus & Millichap, retail vacancy is the tightest in Florida as nearly 1.6 million square feet of space was taken off the market in the 12-month period ending in June 2022. Net absorption more than tripled supply additions, which compressed metro availability to 3.5%