Miami's retail sector isn't short of demand as some fundamentals trend the wrong way in what's still a resilient market.
The market absorbed a positive 122,400 square feet of space, up from the previous 12 months' 104, 200 square feet, according to a market report posted by Colliers. This ends two straight quarters of declines in the absorption levels.
Another positive was leasing totals of 451,903 square feet, outpacing the new supply of 42,500 square feet. However, construction has ticked up to 765,500 square feet, from 615,000 square feet.
"The market demonstrated healthy tenant demand in the fourth quarter of 2025, indicative of ongoing tenant demand for flagship in the market," Colliers said.
"This positive volume was spearheaded by several significant new deals."
PopStroke had the largest lease thanks to its 75,000 square feet at Miami Freedom Park. Padel X and Primark were the next closest with 39,000 and 33,700 square feet, respectively, in the market.
Additionally, Miami ranks in the top 10 in terms of retail sales, according to Colliers, citing CoStar data. In 2025, total acquisition volume in South Florida was $4 billion.
Meanwhile, the weakest fundamentals were rents and vacancy. The average asking lease rate plunged by 9.1 percent year-over-year to $41.97 per square foot, while vacancy jumped by 50 basis points to 2.9 percent.
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