Market Reports

Miami is known for its spicy nightlife and beautiful beaches; but those are not the only things the international city has to offer. As the economy continues to surge, many now consider Miami the third major market within the United States following New York City and Los Angeles. Within the city, the retail market has always been attractive to owners and tenants alike, but over the past three years retail has rocketed to the forefront. One of the major factors of this evolution is Miami’s growth, both in population and in tourism. Between being an international vacation destination, a major cruise port, and the gateway to the Caribbean and Latin America, Miami is constantly growing. The weather and city also attracts growth. The population in Miami now is at 2.66 million and Miami Beach’s hotels reported having occupancy levels at or above 94 percent during President’s Day weekend. With this type of growth, Miami is experiencing strong consumer spending and an increase in demand for retail space. Retail vacancies are at an all-time low while rental rates are breaking records. Currently, Miami is considered to be under-supplied per capita in retail. Over the past few years, Miami has been increasing …

The business and employment gains in the Tampa Bay market are helping landlords attract new retail names to the market to fill space and subsequently raise rents. The area shows good signs of a healthy market, with strong leasing activity and a growing need for new development. The retail vacancy rate continues to drop, ending 2014 at 6.3 percent versus 6.9 percent in the first quarter of that year, according to CoStar. Rents are positively going the other way, rising to $13.73 per square foot from $13.57 per square foot over the same time periods. Space is extremely tight in some submarkets, just 2.1 percent in south Tampa and northeast Tampa, and 4.5 percent in the larger I-75 corridor at the end of last year, according to CoStar. The lack of space can be attributed in part to the slow pace of new construction. Developers and their lenders are being more cautious, having learned lessons from the last recession. At the same time, a number of new concepts, all of which are good for the market, are arriving in Tampa Bay. The current situation puts landlords in even more control than they had last year. They’re using this period to …

Jacksonville boasts the fourth-largest metro population and the largest city proper population in the state of Florida. It is the 14th most populous city in the United States, and with a breadth of approximately 841 square miles, it is the largest city in the contiguous United States by area. The county seat of Duval County, Jacksonville touts a population of approximately 900,000 people (2012 estimate) with a median household income of $50,701 and a median age of 31.4. The unemployment rate is presently on a downward trend decreasing 80 basis points from August to September 2014 to 5.8 percent, which was significantly lower than the previous year’s rate of 6.6 percent and Florida’s 6.1 percent. Jacksonville’s retail market remains strong despite the lack of available space in the mature Class A submarkets such as Town Center, Rivercity Marketplace, Mandarin, Orange Park, West Beaches and Beaches. National retailers and restaurants remain active seeking deals throughout Duval County, yet are still hesitant to consider Class B and C submarkets given their selective national site strategies. As most of the highly desirable spaces has been absorbed, there is more demand for new space than any time in recent memory. Although several redevelopments and …