South Florida Retail Markets Show Sub-5% Vacancy
By Jeff Ostrowski July 16, 2026 5:45 pm
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Despite oft-repeated fears of retail’s pandemic-drive demise, South Florida’s retail sector is enjoying a combination of low vacancy rates, resilient rental rates and robust leasing and investment sales.
That’s according to market reports released Thursday by commercial real estate brokerage Colliers.
In Miami-Dade County, the retail market experienced net absorption of 378,795 square feet, driving the retail vacancy rate down to 3 percent in the second quarter of 2026, the lowest among the three South Florida counties.
Average asking rents in Miami-Dade County rose to $42.50 per square foot per year, up 2.6 percent from the first quarter. More than 1.3 million square feet of retail space are under construction, Colliers reported.
Floor & Decor Outlets of America signed the largest lease of the quarter with 55,146 square feet at Park Plaza Shoppes in Kendall. Planet Fitness followed with a 26,207-square-foot deal at 1501 Biscayne Boulevard in Miami.
The biggest sale was a $210 million purchase at Miami WorldCenter by a joint venture involving Falcone Group, The Davis Companies and Jamestown.
In Broward County, net absorption in the second quarter was a negative 102,436 square feet, causing the retail vacancy rate to increase slightly to 4.3 percent in the second quarter, up from 4.2 percent in the first quarter.
Average asking rents in Broward fell to $27.67 per square foot, a 3.4 percent decline from the second quarter of 2025.
Wayfair signed Broward County’s largest lease with a new 94,000-square-foot deal at Galleria Mall in Fort Lauderdale, followed by Apogee Lauderdale taking 29,309 square feet at the International Swimming Hall of Fame.
In Palm Beach County, net absorption totaled 148,769 square feet during the second quarter, nudging the retail vacancy rate down to 4 percent. Average asking rents increased to $30.14 per square foot, an annual gain of 3.4 percent.
Premier Indoor Pickleball led the quarter for Palm Beach County from the tenant side by committing to a 19,361-square-foot lease at Village Shoppes on 441. Palm Beach County’s sales volume spiked, driven by grocery-anchored acquisitions. Supermarket chain Publix led the market with two Boynton Beach deals. The grocer bought the Fountains of Boynton Beach for $78 million and Aberdeen Square for $24 million.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
