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South Florida retail vacancy falls, rents hold up across counties
Colliers data shows Miami-Dade retail vacancy dropped to 3.0% in Q2 2026, while Broward vacancy rose slightly and Palm Beach rents climbed.
South Florida’s retail market tightened in the second quarter of 2026, according to market reports released by Colliers, with Miami-Dade showing the strongest vacancy improvement. In Miami-Dade County, net absorption totaled 378,795 square feet, pulling the retail vacancy rate down to 3.0% in the second quarter of 2026, the lowest among the three South Florida counties.
In the same period, average asking rents in Miami-Dade increased to $42.50 per square foot per year, up 2.6% from the first quarter. Colliers also said more than 1.3 million square feet of retail space are under construction, and it highlighted major leasing deals, including a 55,146-square-foot lease by Floor and Decor Outlets of America and a 26,207-square-foot deal signed by Planet Fitness.
The picture was mixed in the other counties. Broward County posted negative net absorption of 102,436 square feet, nudging its retail vacancy rate up to 4.3%, while average asking rents fell to $27.67 per square foot, down 3.4% from the second quarter of 2025.
Palm Beach County saw net absorption of 148,769 square feet, bringing its retail vacancy rate to 4.0%, with average asking rents rising to $30.14 per square foot per year, up 3.4%. The report also cited a sales-volume boost tied to grocery-anchored acquisitions, including Publix purchases of the Fountains of Boynton Beach for $78 million and Aberdeen Square for $24 million.