Miami-Dade’s retail real estate market is building at a pace it hasn’t seen since early 2023. According to a new Colliers report covering the third quarter of 2026, the county’s retail construction pipeline reached 1.3 million square feet across 17 active developments — double the volume recorded in the same period last year.
That growth is showing up in rents, too. Triple-net asking rents in Miami-Dade climbed to a record $44.34 per square foot, up from $42.83 a year ago and more than 18% higher than in 2021. Colliers executives say the increase shows no signs of slowing, even as some neighborhoods see vacancy edge up slightly from 2.9% to 3%.
Some of the county’s most walkable commercial corridors remain especially tight. Brickell’s retail vacancy sits at just 2.7%, while Aventura, Coconut Grove, and Coral Gables are all running below 2% — a sign that storefront space in Miami’s most established shopping districts is still hard to come by.
The new construction is concentrated in a handful of major projects. Miami Freedom Park, the $1 billion mixed-use development tied to Inter Miami’s new stadium district, is adding 500,000 square feet of retail and has already signed tenants including PopStroke and Toroverde. In Miami Gardens, Palm Springs Square is underway with roughly 230,000 square feet of grocery-anchored retail anchored by Publix. And in Doral, developer Terra has leased space to Walmart for a new Neighborhood Market as part of the 78,000-square-foot Doral Atrium project, which is already 95% leased ahead of its planned opening next year.
For Miami-area small business owners, the numbers tell a mixed story: demand for retail space is strong and landlords have the upper hand on rent, but new centers in growing submarkets like Miami Gardens and Doral could open fresh opportunities for businesses priced out of tighter corridors like Brickell or Coral Gables. Keeping an eye on where the new supply lands could help local entrepreneurs find their next storefront.
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Source: Bisnow