South Florida's retail sector is demonstrating resilience. It is currently benefiting from low vacancy rates, stable rents, and strong activity in both leasing and sales transactions. This assessment is based on the market reports published on Thursday by the commercial real estate consultancy Colliers.
Developments in Miami-Dade County
In Miami-Dade County, the retail market recorded a net absorption of 378,795 square feet in Q2 2026. This led to a decrease in the retail vacancy rate to 3 per cent, marking the lowest figure among the three South Florida counties. Average asking rents in Miami-Dade County rose to $42.50 per square foot per annum, an increase of 2.6 per cent compared to Q1. Colliers also reported that over 1.3 million square feet of retail space is currently under construction.
The largest lease agreement of the quarter was signed by Floor & Decor Outlets of America for 55,146 square feet at the Park Plaza Shoppes in Kendall. Planet Fitness followed with an agreement for 26,207 square feet at 1501 Biscayne Boulevard in Miami. The most significant sales transaction was an acquisition valued at US$210 million at Miami WorldCenter by a joint venture involving Falcone Group, The Davis Companies, and Jamestown.
Regional Comparison: Broward and Palm Beach County
In Broward County, net absorption in the second quarter was a negative 102,436 square feet, causing the retail vacancy rate to slightly increase to 4.3 per cent, up from 4.2 per cent in the first quarter. Average asking rents in Broward decreased to $27.67 per square foot, a decline of 3.4 per cent compared to Q2 2025. Wayfair signed the largest lease in Broward County with a new space of 94,000 square feet at the Galleria Mall in Fort Lauderdale. Apogee Lauderdale leased 29,309 square feet at the International Swimming Hall of Fame.
Palm Beach County recorded a net absorption of 148,769 square feet in the second quarter, which reduced the retail vacancy rate to 4 per cent. Average asking rents increased to $30.14 per square foot, an annual gain of 3.4 per cent. Premier Indoor Pickleball led the quarter on the tenant side in Palm Beach County by leasing 19,361 square feet at the Village Shoppes on 441. Sales volume in Palm Beach County rose significantly, driven by acquisitions in the grocery retail sector. The supermarket chain Publix led with two transactions in Boynton Beach: the grocer acquired the Fountains of Boynton Beach for US$78 million and Aberdeen Square for US$24 million.
