South Florida continues to be an appealing place to shop — whether that's for tourists or residents.
According to Cushman & Wakefield’s 2024 Main Streets Across the World report, which tracked 138 locations in the Americas, Miami's Design District retail rents surged 67 percent year-over-year, with its $500 per square foot pricing. That was the highest of all the locations Cushman looked at. Also, the market took Cushman's fifth-place ranking overall, which weighs rents by total, up six spots from the previous year.
The most expensive retail rents on the list went to two New York City locations — Upper 5th Avenue (49th to 60th Streets), and Madison Avenue (57th to 72nd Streets). While rents were $2,000 and $1,250 square feet, respectively, rent growth in the areas was flat from the previous year.
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Other Miami neighborhoods were featured inside Cushman's top 20 including Lincoln Road, Brickell Boulevard Corridor, and Wynwood. Rents in those areas all grew by double digits except for Lincoln, which was stagnant from the year prior.
Overall, retail rents in the Americas regions that Cushman tracked inched up four percent in 2024 compared to last year. Also, rents are on average six percent above pre-pandemic levels. And, in particular — the resilience of the U.S. is to thank.
"The Americas continues to be the strongest performing region, propelled by rent growth of almost 11% YOY in the U.S. – a significant increase from last year," the global real estate firm wrote.
"In comparison, rent growth in Europe and Asia Pacific slowed, registering growth of 3.5% and 3.1%, down from 4.2% and 5.3%, respectively."
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
