Supply
Miami-Dade County’s retail construction pipeline remained steady in the third quarter of 2026, with 1.3 million square feet (msf) underway. Construction commenced on nearly 63,000 square feet (sf) of new retail space during the quarter. Meanwhile, deliveries totaled 78,000 sf, bringing year-to-date (YTD) deliveries to 158,000 sf. This represented a 64.6% year-over-year (YOY) decrease from the 447,000 sf delivered during the same period in 2025. Vacancy increased 10 basis points (bps) quarter-over-quarter (QOQ) to 3.1% and rose by the same amount YOY. Despite the slight increase, Miami-Dade County’s retail market continued to demonstrate tight conditions, with vacancy remaining the lowest among Florida markets, below Fort Lauderdale at 4.2%, Orlando at 3.9% and Tampa at 3.8%.
Demand
Retail leasing activity across Miami-Dade County totaled more than 441,000 sf in the third quarter of 2026, bringing YTD deal volume to 1.7 msf, down 18.0% YOY. The market recorded negative 81,000 sf of net absorption during the quarter, bringing the YTD total to negative 129,000 sf. Although occupancy losses have persisted in six of the past seven quarters, quarterly performance improved considerably from negative 230,000 sf in the third quarter of 2025. At the submarket level, Kendall and Miami Airport led occupancy gains, recording 97,000 sf and nearly 51,000 sf of positive absorption, respectively. These gains were offset by losses in Coral Gables (negative 41,000 sf) and Northeast Dade (negative 35,000 sf). By property type, malls posted the strongest performance, with occupancy gains of just under 12,000 sf, while general retail recorded the largest decline at negative 62,000 sf. Overall, leasing activity and occupancy trends remained mixed across the county, with gains in select submarkets and property types offset by continued weakness elsewhere. Looking ahead, the construction pipeline may provide additional opportunities for retailers as new space enters the market, although future occupancy gains will depend on demand keeping pace with new supply.
Pricing
Miami-Dade County’s average retail asking rent reached $50.27 per square foot (psf) in the third quarter of 2026, representing a 1.8% increase YOY. Among the county’s retail submarkets, Miami Beach commanded the highest average asking rent at $97.85 psf, while Miami recorded the lowest at $31.92 psf. Compared YOY, average asking rents increased in 16 submarkets and declined in three. Outlying Miami-Dade County recorded the largest YOY increase, with rents rising 4.1% from $40.97 psf to $42.65 psf. In contrast, Brickell asking rents declined 2.4% YOY to $84.96 psf.
Retail Sales
Miami-Dade County recorded $619.9 million in retail investment sales during the third quarter of 2026, representing almost 810,000 sf sold. This brought YTD transaction volume to $1.2 billion across 2.0 msf. YTD transaction volume declined 25.5% YOY and was 6.6% below the five-year average. Miami Airport led all submarkets with $265.8 million in sales. Notable transactions included the $72.0 million sale of Airpark Plaza, located at 5715 NW Seventh Street in the Miami Airport submarket. By property type, strip malls recorded the highest average sale price at $815 psf during the quarter. Pricing remained elevated, with Miami averaging $450 psf, well above the U.S. average of $246 psf, underscoring the market’s continued premium positioning.
Miami-Dade County’s retail capitalization rates ranged from 4.9% to 7.2%, averaging 5.8%. This was below the national average of 7.4%, indicating that local retail properties continued to trade at lower yields than the national average.
