The Miami/Dade County retail market is already showing positive signs of recovery. Strong population growth and the return of tourism indicate a bubbling retail recovery, and according to the first quarter market report from Colliers, the metrics support the theory. The vacancy rate remained flat in the first months of the year, while rents actually increased.

The market vacancy rate landed at 4.6% at the end of the first quarter. This is flat from the previous quarter and only 30 basis points below the pre-pandemic vacancy rate. Rental rates increased an impressive 1.9% quarter-over-quarter to $36.99.