Miami, FL Retail Market Report Q3 2026

Pricing Reaches a Record $511/SF as New Supply Falls 53%

Demand

Miami posted net absorption of -218K SF in Q3 2026, against -70K SF in the same quarter last year. Vacancy is 3.1%, 19 bps looser than Q3 2025. Coral Gables/Coconut Grove is the tightest submarket at 2.2% vacancy; South/Outer Dade leads rent growth at +3.8%. Trailing-12-month absorption of -280K SF compares with -370K SF a year earlier. Asking rent of $50.37/SF is up 1.6% year over year and within 1% of the Q2 2026 peak of $50.52/SF. Vacancy sits 68 bps below the Q1 2021 peak of 3.8%.

Supply

Miami delivered 78K SF in Q3 and 216K SF over the trailing twelve months (-53% versus the prior TTM period). Space under construction equals 0.9% of inventory, concentrated in Airport/West Miami at 3.0% of its stock. Annual deliveries peaked at 3.20M SF in 2008. Q3 deliveries were 40% below last year’s 131K SF.

Investment Market

Miami recorded $1.9B in sales over the trailing twelve months, -5% against the prior TTM period; Q3 accounted for $629M. The high-water mark in this series is $2.7B in 2022. Miami cap rates average 6.00%. Pricing sits at $511/SF, higher for 2 consecutive years. Price per SF is at a record.