S
outh Florida's retail market is experiencing a surge in activity, driven by low vacancy rates and healthy asking rents. Grocery-anchored shopping centers are particularly sought after, with deal volume reaching $1.7 billion over the past 12 months, according to a Colliers report. Institutional investors and local players are fueling this trend, with notable purchases including Longpoint Partners' $82 million acquisition of grocery-anchored shopping centers and Fort Partners' $165 million purchase of supermarket-focused centers.

    Publix, the Lakeland-based grocery chain, is also expanding its presence in South Florida, acquiring several shopping centers anchored by its stores for a combined $187 million. Leasing activity remains strong, with vacancy rates below 4% across the three counties and asking rents relatively unchanged year-over-year.

    In Miami-Dade County, asking rents increased to an average of $46 per square foot, while the vacancy rate remained at 2.8%. New retail space is being developed, with 117,000 square feet leased and 28,000 new square feet completed in the third quarter. Another 1.2 million square feet is under construction.

    Notable deals in Miami-Dade include Benderson Development's $83.8 million purchase of Shops at Midtown Miami and Cervera RE Ventures' $18 million acquisition of Miller Plaza. In Broward County, asking rents increased to an average of $28.03 per square foot, while the vacancy rate rose to 3.9%. Publix acquired two shopping centers in the county for a combined $83 million.

    In Palm Beach County, asking rents dropped slightly to an average of $28.05 per square foot, and the vacancy rate rose to 3.9%. Publix also made a major purchase in the county, acquiring Wood Walk Plaza for $36.2 million. Other notable deals include Pebb Capital's $31.2 million acquisition of The Press Retail in West Palm Beach.