Florida Markets
RETAIL MARKET ANALYSIS
Miami
Ft. Lauderdale
Palm Beach
Orlando
Tampa
Jacksonville
Miami
Miami-Dade County, the most populous area in Florida with 2.7 million residents, forms part of the eighth-most populous U.S. metro area. Known as the Gateway to Latin America, Miami is a hub for tourism, finance, commerce, culture, and international trade. The region’s business friendly environment has attracted nearly 12,800 companies in the last decade, including 1,400 multinational firms. PortMiami, the world’s largest cruise terminal, welcomes nearly 6 million cruise passengers annually, while Miami International Airport (MIA) served a record 52.3 million passengers in 2023. Tourism is Miami’s top job creator, supporting 144,800 jobs and contributing significantly to the local economy. Miami consistently ranks among the top American cities for business and tourism, driving strong demand in the retail market.
The Gateway to Latin America, Where Retail, Tourism, and Culture Converge
Inventory (SF)
Vacancy Rate
Under Construction (SF)
NNN Rent/SF
Sales Volume ($)
Avg. Sale Price/SF
Cap Rate
113,965,914 3.0% 1,674,547 $43.67
$119,981,434 $372 5.22%
RETAIL DATA
2Q23
114,705,775 2.7% 982,956 $42.75 $242,496,274 $380 6.13%
1Q24
1,149,464,353 3.1% 1,067,406 $45.26 $74,981,014 $382 6.81%
2Q24
Population
Workforce
Unemployment
Average Household Income
Average Disposable Income
2,732,925 1,404,943 2.2% $105,339 $80,027
DEMAND DRIVERS
#6 Wealthiest City for Centi- Millionaires, #7 for Billionaires, & #9 for Millionaires
(Henley & Partners USA Wealth Report, 2024)
#3
Best U.S. City for Investing in Commercial Real Estate (DLA Piper, 2023)
ECONOMIC DRIVERS
#1
Food City of the Year
(Bon Appetit. 2023)
#6
Best Place for Foreign Business in America (Financial Times, 2023)
#2
Busiest U.S. Airport for International Passengers (Miami International Airport, 2023)
Tourist Destination
Logistics
Hub
Financial
Center
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Ft. Lauderdale
Greater Fort Lauderdale, home to nearly 2 million residents, is the second most populous county in Florida and is known for its whitesand beaches, scenic waterways, and vibrant shopping and dining scenes, attracting over 14 million visitors annually. The area’s tourism industry is a significant economic driver, supported by diverse recreational opportunities and a thriving hospitality sector. Beyond tourism, Fort Lauderdale boasts a business-friendly climate with over 150 corporate headquarters and industries ranging from marine and manufacturing to finance and technology. Fort Lauderdale-Hollywood International Airport (FLL) enhances the region’s connectivity, handling 35.1 million passengers in 2023. The expanding Fort Lauderdale Convention Center will further boost tourism and business activities. With its robust economy and premier attractions, Fort Lauderdale is a key player in the South Florida retail market.
Beaches, Business, Booming Retail and Tourism
Inventory (SF)
Vacancy Rate
Under Construction (SF)
NNN Rent/SF
Sales Volume ($)
Avg. Sale Price/SF
Cap Rate
89,376,372 3.5% 669,926 $27.71 $128,289,100 $263 6.02%
RETAIL DATA
2Q23
89,522,969 3.7% 516,307 $27.88 $73,874,679 $272 5.55%
1Q24
89,541,969 4.0% 528,307 $28.93 $211,022,171 $276 6.07%
2Q24
Population
Workforce
Unemployment
Average Household Income
Average Disposable Income
1,978,020 1,091,105 2.8% $108,118 $82,778
DEMAND DRIVERS
#1
In the U.S. For Holiday ‘Workcation’
(Coworking Café, 2023, 2022)
#3
Best City for Flexible Careers in the South (Commercial Café, 2024)
#2
Best Business Climate in the U.S. for Mid-Sized Metro (Business Facilities Magazine’s 2023, 2022, 2021)
TOP
100 Best Places to Live (Livability.com, 2023)
#3
Most Diverse County in the U.S
(Niche.com, 2023)
ECONOMIC DRIVERS
Tourist Destination
Logistics
Hub
High
Tech
Palm Beach
Covering more than 2,500 square miles, Palm Beach County boasts a robust and diverse economy driven by sectors such as luxury tourism, technology, manufacturing, and agriculture. The county is recognized as one of the wealthiest in the nation, with per capita personal income levels significantly above national averages, reflecting its sound financial position and economic diversity. Known for its whitesand beaches, acclaimed shopping and dining venues, and premier golf courses, Palm Beach attracts millions of visitors annually. Palm Beach International Airport (PBI) enhances accessibility, welcoming 7.8 million passengers in 2023. With a thriving retail market, exemplified by upscale shopping destinations like The Gardens Mall and Worth Avenue, Palm Beach County continues to be a top destination for business, tourism, and luxury living, driving strong demand in the retail and hospitality sectors.
Wealth, Luxury Tourism, and a Thriving Retail Market
Inventory (SF)
Vacancy Rate
Under Construction (SF)
NNN Rent/SF
Sales Volume ($)
Avg. Sale Price/SF
Cap Rate
65,456,822 3.4% 243,460 $29.59 $45,919,830 $297 4.70%
RETAIL DATA
2Q23
65,512,710 3.7% 248,229 $28.89 $52,306,198 $311 7.02%
1Q24
65,561,594 3.6% 260,117 $29.42 $33,010,600 $316 6.13%
2Q24
Population
Workforce
Unemployment
Average Household Income
Average Disposable Income
1,546,881 779,933 2.9% $124,032 $92,063
DEMAND DRIVERS
#1
Farmers Market in the U.S.
(USA TODAY 10, 2023, 2022, 2021)
#4
Healthiest County in Florida (Niche.com, 2024)
#3
Highest Growth Rate in Millionaires (Henley & Partners USA Wealth Report, 2024)
#4
Palm Beach International Airport ranking on Best U.S. Airports List (Conde Nast Traveler, 2023)
#3
Palm Beach International Airport ranking among Top 10 U.S. Airports (Travel & Leisure, 2024)
ECONOMIC DRIVERS
Tourist Destination
Retiree
Haven
Financial
Center
Orlando
Orlando, one of the world’s premier family destinations, extends beyond its iconic theme parks. While Disney World and Universal Orlando dazzle visitors, the heart of “The City Beautiful” beats with a vibrant city center and a delightful year-round climate, averaging 75°F. Last year, Orlando welcomed 74 million visitors—a remarkable 25 percent increase from 2021, signaling a robust recovery postpandemic. But there’s more to Orlando than roller coasters and magic; it boasts waterparks, aquariums, exciting shows, airboat tours, and golfing galore. Families, young singles, foodies, and luxury shoppers all find their haven here. Beyond tourism, Orlando’s economic landscape thrives. The city leads the nation in job growth, attracting significant businesses and creating high-wage, high-tech positions. With a diverse, well-educated workforce of over 1.4 million people, Orlando is one of the country’s most cost-competitive locations.
Hub for Retail, Hospitality and Economic Growth
Inventory (SF)
Vacancy Rate
Under Construction (SF)
NNN Rent/SF
Sales Volume ($)
Avg. Sale Price/SF
Cap Rate
63,018,281 5.1% 454,923 $32.13 $163,003,386 $240 6.2%
RETAIL DATA
2Q23
63,238,884 4.5% 13.930 $28.10 $213,640,570 $205 6.4%
1Q24
63,544,020 4.5% 152,826 $31.18 $82,841,000 $203 7.0%
2Q24
Population
Workforce
Unemployment
Average Household Income
Average Disposable Income
2,884,681 1,467,743 2.9% $106,712 $82,287
DEMAND DRIVERS
#2
Fastest-Growing Large Job Market in the U.S. (U.S. Department of Labor, 2023)
#15
Most Diverse City in America (Niche.com, 2023)
#6
Job Growth Rate
(Forbes, 2023)
#52
Best City in the World (Resonance Consultancy, 2023)
#6
Spot for Attractions
(Resonance Consultancy, 2023)
ECONOMIC DRIVERS
Tourist Destination
Financial
Center
High
Tech
Tampa
Tampa, a vibrant metropolitan area nestled along Florida’s Gulf Coast, stands as the 17th-largest in the United States, boasting a population of nearly 3.4 million. Since 2010, its rapid growth—18.1%— has drawn half a million new residents, lured by diverse offerings including a natural harbor and estuary. Beyond economics, Tampa shines as a sports, culture, and entertainment hub, home to professional teams like the Buccaneers (NFL), Rays (MLB), Lightning (NHL), and Rowdies (USL). Its bay teems with wildlife—over 200 fish species, dolphins, manatees, sea turtles, and birds— part of the Gulf of Mexico’s largest open-water estuary system. Key attractions include Busch Gardens, Adventure Island, the Tampa Museum of Art, and the Henry B. Plant Museum. Recently, Tampa Bay’s resilience and innovation have garnered recognition, positioning it as a leader in sustainability, education, and healthcare, with a promising vision for the future.
Thriving in Innovation, Resilience and Sustainability
Inventory (SF)
Vacancy Rate
Under Construction (SF)
NNN Rent/SF
Sales Volume ($)
Avg. Sale Price/SF
Cap Rate
59,507,160 4.3% 100,701 $19.99 $370,753,510 $232 6.4%
RETAIL DATA
2Q23
59,562,861 4.1% 45,000 $20.60 $288,744,361 $247 6.4%
1Q24
59,771,026 3.9 148,295 20.68 $115,191,559 $249 6.2%
2Q24
Population
Workforce
Unemployment
Average Household Income
Average Disposable Income
3,356,667 1,684,923 3.0% $106,305 $81,619
DEMAND DRIVERS
#1
Best Places to Live
(Forbes, 2023)
#5
Best City to Start a Career
(Wallethub, 2023)
#1
Best Places to Travel
(Money, 2023)
#28
Highest Growth Rate in Millionaires Henley & Partners USA Wealth Report, 2024)
#4
Best City for Staycation
(Wallethub, 2023)
ECONOMIC DRIVERS
Retiree
Haven
Logistics
Hub
Financial
Center
Jacksonville
Nestled along Florida’s sun-kissed shores, Jacksonville thrives as an international trade hub and global transportation nexus. This dynamic city boasts an unbeatable location, a pro-business ethos, and a richly diverse, skilled workforce. Jacksonville’s allure lies in its harmonious blend of affordability and quality of life. As Downtown Jacksonville undergoes revitalization along the scenic St. Johns River, EverBank Field buzzes with activity. Companies capitalize on the region’s talented labor pool, cost-effective operations, and business-friendly climate. With the state’s youngest population and a vibrant cultural scene, Jacksonville beckons with 22 miles of pristine beaches, expansive parks, world-class fishing, historic neighborhoods, and a lively street arts scene. Notably, Jacksonville hosts over 20 million annual visitors, generating a staggering $3.2 billion in business sales.
Where Commerce, Culture and Coastal Living Unite
Inventory (SF)
Vacancy Rate
Under Construction (SF)
NNN Rent/SF
Sales Volume ($)
Avg. Sale Price/SF
Cap Rate
101,295,084 4.3% 1,060,118 $18.99 $536,017,020 $239 6.58%
RETAIL DATA
2Q23
101,731,019 4.4% 846,313 $19.99 $525,813,872 $243 6.85%
1Q24
101,905,785 4.2% 785,995 $20.48 $473,619,933 $246 6.77%
2Q24
Population
Workforce
Unemployment
Average Household Income
Average Disposable Income
1,028,643 845,897 3.0% $97,567 $76,488
DEMAND DRIVERS
#1
City in Florida for College Graduates (Zumper, 2024)
#4
Best City to Start a Business
(Wallet Hub, 2024)
#2
Hottest Job Market
(The Wall Street Journal, 2024)
#4
Fastest Growing City in the U.S. (U.S. Census Bureau, 2024)
#3
City for U.S. Job Seekers
(Money Geek, 2024)
ECONOMIC DRIVERS
Defense
Logistics
Hub
Financial
Center
THE VIBRANT PULSE OF FLORIDA RETAIL
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Source: Colliers Research, CoStar Analytics, ESRI, Bureau of Labor Statistics, Oxford Economics, Moody’s
Source: Colliers Research, CoStar Analytics, ESRI, Bureau of Labor Statistics, Oxford Economics, Moody’s
Source: Colliers Research, CoStar Analytics, ESRI, Bureau of Labor Statistics, Oxford Economics, Moody’s
Source: Colliers Research, CoStar Analytics, ESRI, Bureau of Labor Statistics, Oxford Economics, Moody’s
Source: Colliers Research, CoStar Analytics, ESRI, Bureau of Labor Statistics, Oxford Economics, Moody’s
Source: Colliers Research, CoStar Analytics, ESRI, Bureau of Labor Statistics, Oxford Economics, Moody’s
THE VIBRANT PULSE OF FLORIDA RETAIL
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