Find in the news:
BY COUNTRY

Retail space vacancies hit all-time low



Miami’s retail vacancies, already at an all-time low this past summer, have dipped even more in the past few months.
In the second quarter, retail vacancies were at an unprecedented 3.9%, 2 percentage points lower than the first quarter with asking rates up to $40.35 per square foot, 97 cents higher than the first quarter and $5.31 higher year-over-year.

Now, the numbers are even more positive.

According to CBRE’s retail market report for the third quarter, vacancy rates have decreased to 3.8%. Asking rates, the report states, climbed to $45.18 per square foot in the third quarter, which was $4.83 higher than the second quarter and $7.43 higher year over year. The analysts said the lowered vacancy rate in Miami is driving prices and rental rates higher, with tourism cited as the key driver of the retail sector’s growth.

p11-new-retail-luxury-brands-4c.jpg

Retail sales have increased in Miami, due in part to increased tourism and visitor spending as well as healthy levels of job creation, the third-quarter CBRE report states. Absorption totaled 450,914 square feet in the third quarter and 615,498 square feet year to date due mostly to IKEA’s occupancy in the Doral/Medley area. The home goods giant opened its first store in Miami-Dade County in August. The 417,000-square-foot store just west of Dolphin Mall is the second and largest IKEA store in Florida.

Brickell City Centre developers Swire Properties and Whitman Family Development announced in the third quarter that Saks Fifth Avenue will anchor the shopping complex, occupying 107,000 square feet on three floors. The store is to open in the fall of 2016.

National and international luxury retailers are showing a lot of interest in Miami, said Zach Winkler, senior associate at CBRE. Vacancy rates for luxury retail are even lower than the rest of the market, he said.

“There are only a few defined areas where these tenants are looking,” Mr. Winkler said in reference to the likes of Hermes, Chanel and Prada, among other boutique brands. “There’s very limited quality inventory, so this market does well.”

In the world of luxury retail, if space is available it does not remain so for long, said Mr. Winkler.

He pointed to the Design District, which was once known for furniture shops and is now being transformed into a luxury shopping destination.

“Some of the buildings have changed hands and the new owners are looking to bring in new market tenants,” Mr. Winkler said.

In the past four years, he said, Miami has seen record numbers for retail, driven in large part by tourism. “This is a world destination for tourists and we’re seeing the luxury retail market get better and better,” he said.

It will be interesting to see what happens in the next two weeks, Mr. Winkler said. With Art Basel on stage right now, a large number of people have descended on Miami. The show has become more fashion-oriented and Mr. Winkler said there’s always a possibility some of the visitors will be retailers.

“Art Basel is a good excuse, a good opportunity to come to Miami,” he said. Mr. Winkler facilitated a pop-up for Art Basel on 39th Street where Bentley Automobiles is open just for the duration of the festival.

In addition, Mr. Winkler pointed out the International Council of Shopping Centers is having its National Deal Making Conference next week at the Jacob K. Javits Convention Center in New York City where owners, developers, retailers, brokers, lenders, municipalities, property asset managers and product/service providers gather under one roof to exhibit, make deals and form successful business partnerships.

It’s always possible a deal will involve a retailer coming to Miami.

At one time, South American and European high-end retailers interested in coming to the US looked at New York and Los Angeles first, Mr. Winkler said.

“Now, they’re looking at New York, Los Angeles and Miami,” he said. “So I see things getting better and better now that retailers are looking at Miami as a gateway city to enter the US market.”

More about shopping malls in the USA



YESTERDAY, Canada:
Shopping malls can no longer rely solely on retail; the future belongs to mixed-use entertainment complexes.
Apr 16, 2021, Qatar:
The sports giant is moving beyond traditional shopping, blurring the lines between the physical and digital spaces.
Apr 15, 2021, USA:
The Hollywood & Highland Center mall's top floors will be converted for various events and create office space.
Apr 14, 2021, USA:
Subway is looking for a buyer after falling revenues and massive restaurant closures in 2020.
Apr 14, 2021, Qatar:
The highlight of the celebrations will be a variety of culinary delights from local and foreign chefs. True, you will only be able to find them on the pages of social networks.
Apr 13, 2021, USA:
For the first time, several luxury brands, including Chanel and Prada, were among the top 100 companies with the highest reputation.
Friend
and Follow
Viaport Outlet GLA:748 092 SF
ADDRESS: Yenisehir Mah. Dedepasa Cad. No:19 Via Port - Pendik
Turkey . Istanbul
Viaport Outlet
Central Children's Store GLA:370 192 SF
ADDRESS: Teatralnyi proezd, 5
Russia . Moscow region
Central Children's Store
Liberty Center GLA:828 821 SF
USA . Cincinnati
Liberty Center
Aviapark GLA:2 475 699 SF
ADDRESS: ul. Aviakonstruktora Mikoyana, 10
Russia . Moscow region
Aviapark


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us