S
outh Florida's retail market experienced a healthy year with low vacancy rates and strong asking rents. However, the biggest leases of the year were significantly smaller than those of last year. Gyms, theaters, discount retailers, and grocery stores dominated the region's top tenants.
The largest lease was taken by Floor & Décor, which signed a 66,000-square-foot deal at Pine Island Shopping Center in Plantation. The flooring retailer has been expanding rapidly since 2018 and plans to open 10 new warehouse stores this year.
Macy's secured the second-largest lease with a 50,000-square-foot deal for a Macy's Furniture and Mattress Gallery in Boca Raton. This move is part of the department store's shift towards a sale-and-leaseback strategy.
Nordstrom Rack renewed its 33,000-square-foot lease at Miracle Marketplace in Coral Gables and signed another 31,000-square-foot lease in Coral Springs. The discount division of Nordstrom has been a strong revenue generator for the company, which plans to expand its operations further.
Other notable leases include Paragon Theaters' 32,000-square-foot deal in Pompano Beach, Crunch Fitness's 31,000-square-foot expansion in Hallandale Beach, and Perigold's 30,000-plus square foot lease at CityPlace in West Palm Beach.
