A 3% vacancy rate describes today's tenants, not 1.3M SF of new supply.
Record rents and a three-year-high pipeline are arriving together.
Colliers puts Miami-Dade retail under construction at 1.3M SF across 17 developments, roughly double a year ago.
Vacancy is 3.0% and triple-net asking rents reached a record $44.34/SF, 3.5% above Q3 2025 (derived).
Demand softened in the quarter. Leasing fell to 257K SF from 413K SF in Q2, and tenants gave back 94K SF against only 59K SF delivered.
Tightness is uneven. Brickell sits at 2.7% vacancy and three submarkets are under 2%, while the weakness was in the Northeast and South Dade.
Large projects are leasing slowly: Miami Freedom Park has 120K SF leased of 500K SF, about 24% (derived).
A 3% vacancy rate describes the space that exists today. The pipeline is about five quarters of current leasing, so new centers must lease to tenants not yet in the market or to space others vacate. Underwrite lease-up pace and rent growth for new product separately from the scarcity premium on existing, well-located space, and check which submarket each project lands in.
Key Takeaways
- A 3% vacancy rate describes today's tenants, not 1.3M SF of new supply.
- The pipeline equals about five quarters of Q3-level leasing (1.3M SF against 257K SF, derived)
- Broward's pipeline is 697K SF and Palm Beach's is 190K SF
- The largest Q3 lease was 51K SF, to Holozoo Florida
Bisnow, Miami Retail Construction Pipeline Hits Highest Level In 3 Years, Oct. 11, 2026 (citing Colliers Q3 2026)
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