Miami Beach has long since been a coveted travel destination luring visitors with its shopping, illustrious night life, and world renowned beaches; but visitors aren’t the only ones feeling the pull to SoBe. Premier shopping destinations like Lincoln Road, Ocean Drive and Collins Avenue are prime locations for retailers looking to make their mark on South Florida.
Terranova’s very own TRENDS Magazine.
A movement is occurring in Miami that is transforming its once suburban inhabitants to urban city dwellers. This movement has brought with it various trends in the commercial real estate industry that are changing the structure of Miami’s metropolitan areas. New construction abounds, revamping Miami’s urban cores and really putting this city on the map as a modern, innovative, and interactive destination.
An unrelenting draw toward urban lifestyles characterized South Florida’s major retail streets in 2014, as national and international retailers grabbed new locations in urban settings. Not only national and international, but local restaurants and cafes, fashion stores, and art galleries continue to find a thriving environment for new concepts and a fertile ground for expansion in the region’s major retail streets. As a result, average asking rent climbed on all South Florida major retails streets. Vacancy increased in six of the streets, but increases were either minor, or reflective of unique circumstances on each.