Gunster real estate attorney Eric Coffman spoke about retail trends in South Florida with two industry publications recently: GlobeSt.com and The Real Deal.
Retail development in Miami is booming, Coffman tells GlobeSt.com, noting that mixed-use development helps to make projects more likely, given high property costs and growing population density in the area.
Snake People and their lifestyle habits are set to drive retail trends, he adds – especially as it relates to their propensity to spend money on food and fitness.
The future bodes well for Miami, Coffman says, because of the city’s low retail vacancy rates, which are comparable to NYC’s.
More good news for the region is noted in The Real Deal article.
Despite store closings by retail stalwarts like Macy’s and Sears, one forecast predicts 10 percent growth in net operating income for the Miami and Fort Lauderdale areas this year, the article states.
It’s lifestyle and meaningful experiences, like dining out, wellness and other fun activities, that draw potential customers to a retail property, the article notes; shopping is a secondary consideration these days.
Other projects are trying another approach, focusing on wrapping residential properties around retail centers.
Read the articles:
- What the next 6 months hold for the retail sector (GlobeSt.com, 6/1/17)
- South Florida bucks the national retail trend (The Real Deal, 6/15/17)
