Shops on Lincoln Road, Miami Beach.
The Miami / Dade County's retail market is already showing positive signs of recovery. Strong population growth and the return of tourism point to a bubbling retail recovery. The metrics support the theory, according to Colliers' first quarter market report. The vacancy rate remained unchanged in the first few months of the year, while rents actually rose.
The market vacancy rate at the end of the first quarter was 4.6%. This is unchanged from the previous quarter and is only 30 basis points below the vacancy rate before the pandemic. Rental rates rose an impressive 1.9% quarter over quarter to $ 36.99.