Greater Downtown Miami Study of Retail Market Conditions January 2016 Miami DDA (Downtown Development Authority)
The Miami Downtown Development Authority has published a January 2016 Study of Retail Market Conditions. Highlights include:
- About 1.425 million square feet of retail are planned or under construction, most within Brickell City Centre.
- Downtown Miami contains about 6.5 million square feet of retail, with rents varying widely from the high teens to more than $100 psf NNN, and averaging $37 to $39 psf NNN.
- Less than half of retail spending is done by locals.
- Properties have recently traded at cap rates below 4.5%.