With almost 2.5 million square feet currently under construction in Miami-Dade County, it seems that retailers have confidently adjusted to their consumer’s needs. That’s the takeaway from a Colliers International Q3 2017 Florida retail report.
Since last year, more than 2 million square feet of new retail developments have been added to Miami-Dade’s inventory shifting to more experiential and innovative concepts. Net absorption has been keeping pace with construction, the firm reports.
Miami is clearly the retail rock start of the Sunshine State. But how is Florida’s retail market fairing compared to the rest of the country? What advantages does the state have?
GlobeSt.com caught up with Cushman & Wakefield’s Patrick Berman, retail expert and managing director with the firm’s Florida Capital Markets division, to get his take in part two of this exclusive interview.
“Florida has had tremendous population and employment growth,” Berman tells GlobeSt.com. “Over 375,000 new residents moved to the state in 2017 and 197,500 new jobs were created. Florida also has the advantage of low taxes and an affordable cost of living.”
The state’s tourism corridors, such as those in Central and South Florida, also benefitted from the more than 115 million tourist visits in 2017. New retail construction in Florida expanded inventory by just .5% in 2017, he says, a limited inventory paired with a strong demand has created a healthy market, which continues to grow at a sustainable rate.
“On a national basis, there are 25 square feet of retail space per capita,” Berman says. “In Florida, there are 41 square feet of retail space per capita. However, when adjusted for seasonal residents and tourists, Florida’s square foot per capita ratio is equivalent to the national average.”