AT THE EDITION CENTER OFWHAT’S NEXT

FOR MIAMI RETAIL Major Markets Report

AT THE CENTER OF WHAT’S NEXT

2018-2019 EDITION

AT THE CENTER OF WHAT’S NEXT2 MIAMI RETAIL MAJOR MARKETS REPORT

TABLE OF CONTENTSClick number to jump to section

RETAIL IN MIAMI-DADE CONNECTING THE OLD WITH THE NEW

Reinvention is the 2018 theme for Miami-Dade. Like

many gateway cities, the makeup and composition

of its diverse population are constantly shifting

and creating new influences that impact people’s

taste and style. The diverse demographic profile of

people who live, work and visit the area creates an

ideal environment for the confluence of wealth and

consumer spending that supports a vibrant retail

market.

Miami-Dade is not immune to the challenges that

traditional retail is experiencing nationally in today’s

market. The fast pace of change is leaving some

retailers and older shopping areas struggling to find

ways to attract customers and increase foot traffic.

The digital infrastructure and the curated experiential

environments are creating new touchpoints

with customers that are more intertwined and

interconnected. Miami-Dade’s retail submarkets are

at the forefront of the changing landscape of how

we shop.

South Florida in 2018 is a microcosm of how these

changes are affecting the old retail model and of

how retailers are confronting the new subtleties in

the 21st century. Due to its size, Miami-Dade has

an oversized impact on the region, nationally and

worldwide. It is the fourth largest urban area in the

United States with 5.5 million people. This dense

market, which averages more than 4,400 people

per square mile, makes it an ideal testing ground for

new retail experiments that may eventually roll out

to other markets.

Miami-Dade is not one market but many separate

neighborhoods, each with their own unique flavor.

The 34 cities and numerous unincorporated areas

are predominantly Latino. Of that total population

in the county, 70 percent identifies as Hispanic – but

within that community are significant pockets of

Cubans, Puerto Ricans, Dominicans and Mexicans,

as well as residents from most Central and South

American countries. Each ethnic group creates an

evolving cultural identity that influences how people

live and shop.

RETAIL IN MIAMI-DADE

CONNECTING THE OLD WITH THE NEW

of the total population in the county identifies as Hispanic.

70%

Miami-Dade Population Projection3400.00

3200.00

3000.00

2800.00

2600.00

2400.00

2200.00

2000.00

In T

hous

and

s

2000 2005 2010 2015 2020 2025

435,000 new residents by 2030

2030

6 MIAMI RETAIL MAJOR MARKETS REPORT

2018-2019 EDITION 7

MARKET DYNAMICS IN MIAMI-DADE

Vibrant Tourist & Hospitality SectorsIn 2018, Miami-Dade remains one of the top choices for

domestic and international travelers. A record 15.9 million

overnight travelers visited in 2017 and that number is

expected to be even higher in 2018. Visitors spent more than

$26 billion in retail expenditure in 2017. Retailers in high-

traffic tourist areas are guided by the international stream

of customers directly influences how retail formats are

developed and how they respond to changes in customer

profiles. As the number and origin of visitors shift, those

factors also force many retailers to reinvent and reimagine

their spaces to differentiate themselves in a competitive

environment.

PortMiami is the cruise capital of the world and wants to

ensure it keeps that title. In the last three years, the port

has signed lease agreements with three major cruise lines

for new terminals, including Royal Caribbean, Norwegian

and MSC cruise lines. The new facilities, which will be

completed in 2018, 2019 and 2022, respectively, will be able

to accommodate each line’s largest ships, called World Class

vessels, each of which can carry nearly 7,000 passengers.

Currently those size ships dock at Port Everglades, to the

north in Broward County.

MARKET DYNAMICS

IN MIAMI-DADE

A Record 15.9 million overnight travelers visited in 2017 and that number is expected to be even higher in 2018. Visitors spent more than $26 billion in retail expenditures in 2017.

Miami is the No. 1 cruise port in the world.Source: Miami Downtown Development Authority, 2018


HOTEL ROOMS55,453

OCCUPANCY76.7%AVERAGE DAILY ROOM RATE/NIGHT$190

DOMESTIC51.2%

Number of Domestic Visitors7.8 Million

INTERNATIONAL

48.8%Number of International Visitors8.1 Million

GROWTH IN CRUISE PORT ACTIVITY

ECONOMIC IMPACT$34 BILLION

DIRECT/INDIRECT EMPLOYMENT320,000

PASSENGERS UP10.9%Number of Cruise Passengers 5.3 Million

ORIGINS OF TRAVEL

ARRIVALS AT MIA44.1 MILLION 22

CRUISELINES

MIAMI CRUISE SHIPS55

MIAMI AIRLINE CARRIERS 106

2018-2019 EDITION 11



Miami Beach Convention CenterConvention center business plays an important part in bolstering consumer spending and adding to the market’s total retail sales. In 2017, 3.6% of all business travelers to Miami-Dade came to attend events at convention centers. Most of these attendees stay in hotels in Miami Beach, a world-renowned destination famous for its nightlife, restaurants and shopping.

The Miami Beach Convention Center (MBCC) sees more than 600,000 visitors annually and is in the final stages of a $620 million renovation and expansion. With a new facade, 505,000 square feet of exhibition space with 10 additional meeting rooms and 870 new parking spaces, MBCC seeks to attract larger conventions while reengaging with the surrounding community.

$620 MillionRenovation & Expansion

505,000 SF of Exhibition Space

10 Additional Meeting Rooms

870 New Parking Spaces

600,000Visitors Annually

Source: Greater Miami Convention & Visitor Bureau, 2018

2018-2019 EDITION 13

Visitor Impact and Shadow MarketTourist numbers include short-term

visitors as well as many who have

purchased homes in the region and

stay for extended periods of time,

from a few weeks to several months.

These temporary residents use South

Florida as their second or third home

and participate in the “Shadow Market,”

which is not easily quantified in

demographics or spending statistics, and

is not included in the Census. However,

temporary residents do contribute and

drive the economic vitality of the region

and come from all over the world. Many

buy homes and park money in real estate

assets, with most willing to pay all cash

for assets. The Shadow Market includes

many international residents, primarily

from Latin America, and remains one

of the main factors behind the region’s

strong real estate market and elevated

retail sales growth.

Retail Sales in Billions vs. Household Income

Sources: Moody’s , 2018

$60B

$50B

$40B

$30B

$20B

$10B

$0B2000 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17

$50K

$45K

$40K

$35K

30K

In B

illio

ns

Household IncomeRetail Sales


On average, 62% of foreign buyers spend more than twice that of domestic buyers on residential properties in Miami.


2018-2019 EDITION 15

Eclectic Neighborhoods & CommunitiesMiami-Dade is not one retail market but

a fractured region made up of distinct

geographic retail clusters that many

times overlap and are interconnected by

transportation corridors. The strength of

the retail market lies in its diversity and

ability to cater to any customer’s needs

or wants. From High Street retail to local

convenience, several neighborhoods

have a stricking juxtaposition of

different uses that can help draw

customers in, creating foot traffic. The

local population as well as strong tourist

inflows reenergize the retail market with

new concepts and ideas.

The unique layout of the retail market

in Miami-Dade also makes it difficult for

a few big retail players to dominate the

market. As in many other gateway cities,

retail in Miami-Dade has been protected

by its size and diversity from changes in

the overall retail landscape.

Density & VerticalizationMost of South Florida, including Miami-

Dade, is boxed in between the Atlantic

Ocean and the Everglades. While

these enclose and define the natural

boundaries of the market, they also allow

for the densification of neighborhoods

and clustering of business and retail

services. Two outcomes that benefit the

retail sector are:

1. Vertical development along major traffic corridors

2. Forcing the adaptive re-use of existing structures into higher value uses

This second trend has occurred in

semi-industrial areas surrounding the

downtown core. It has added pressure

on local infrastructure and increased

traffic congestion as residents migrated

from the western suburbs east to

the urban core. Given the inability to

grow outward, the movement east is

creating additional incentive for vertical

development and will continue to

provide new opportunities for retailers.


The local population as well as strong tourist inflows reenergize the retail market with new concepts and ideas.


2018-2019 EDITION 17

Transportation Linkages and NodesMiami-Dade has one of the more extensive mass

transit systems in the Southeast. It combines a wide

network of bus and rail lines, connecting people on

the local, county and regional level. This network

was initially developed in the 1980s as a response

to traffic congestion and increased transit times.

While there are complaints that trains and buses

don’t go where people want or do not run with

enough frequency, utilization of Miami-Dade’s

buses, trains and elevated lines will only continue

to grow as the population increases.

Most rail lines run north-south like major

interstate highways and roads. The Metromover

in Downtown/Brickell unites the different parts of

the CBD. The Metrorail ties Miami-Dade’s northern

and southern suburbs with the CBD and the

airport. The Tri-Rail regional rail line has stops in all

three counties in South Florida. Brightline, a fast-

moving, inter-city train between the downtowns in

Miami, Fort Lauderdale and West Palm Beach, will

eventually link up to Orlando and make it easier for

residents and visitors to travel quickly throughout

the region. In addition, Miami-Dade has a broad

network of bus lines that connect communities to

the east and west of major rail lines.

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MiamiCentral

MIAMI-DADE COUNTY

TRANSIT SYSTEMAUGUST 2018

METROBUS ROUTES

Limited-Stop Service

Express Service

East–West Local-Stop Service

North–South Local-Stop Service

Local Shuttle or Circulator Service

METROBUS DESTINATIONS

Service Endpoint - Single Route Type

Service Endpoints - Multiple Route Types

Terminal

Park and Ride Lot

South Dade TransitWay Station

Metrorail & Station - Routes Serving Station

Tri-Rail

Brightline

8, 24

115120, C

THIS IS A GENERAL REFERENCE MAP. CONSULT INDIVIDUAL ROUTE MAPS FOR DETAILS.

22, 27

Big Pine KeyMarathon

Operated byKey West Transit

Operated by City of Homestead

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Ft. Lauderdale

Ft. Lauderdale-HollywoodInternational Airport

Hollywood

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NE 9 ST

NE 8 ST

SW 12 ST

BIS

CA

YN

E B

LVD

BIS

CA

YN

E B

LVD

NW

2 A

VE

207

277

208

500

500

208

211211

211

211

211

211

207

208207

N B

AY

SH

OR

E D

R

3

2

3

51

95277

207/208

51

77

120

393 120

120

77

95

95

395

MiamiCentral

Government Center2, 7, 9, 11, 21, 51, 77, 95, S, 120, 207, 208, 246, 277, 500

Downtown Bus Terminal3, 21, 93

Omni Bus Terminal3, 16, 32, S, 120

GovernmentCenter

MUSEUMPARK

ELEVENTH STREET

PARKWEST

WILKIE D. FERGUSON, JR.

HISTORICOVERTOWN/

LYRICTHEATRE

MIAMIAVENUE

THIRD STREET

RIVERWALK

FIFTH STREET

BAYFRONTPARK

FIRST STREET

BRICKELL CITY CENTRE

(EIGHTH STREET)

TENTH STREETPROMENADE

FINANCIALDISTRICT

SCHOOLBOARD

ADRIENNE ARSHT CTR

COLLEGENORTH

KNIGHTCENTER

COLLEGE/BAYSIDE

FREEDOM TOWER

SW 1 ST

DOWNTOWN MIAMI

99 Miami Gardens Dr & NW 73 Ave Park & Ride D Aventura Mall

A ROUTE 101: Omni D 20th Street & West Avenue / Miami Beach

E ROUTE 105: Golden Glades D Hallandale Beach

G ROUTE 107: 94 St / Miami Beach D MDC North Campus

H ROUTE 108: 163 Street Mall D Haulover Park

115 MID-NORTH BEACH CONNECTION - Collins Ave / 88 St D Lincoln Rd

200

155

CUTLER BAY LOCAL (NO SUNDAYS)

202 LITTLE HAITI CONNECTION Biscayne Shopping Plaza, NW 5 AVE / 83 St D Miami Design District

212 SWEETWATER CIRCULATOR (WEEKDAYS ONLY)

344 (WEEKDAYS ONLY) Florida City D MDC Homestead Campus

137 WEST DADE CONNECTION Dolphin Mall D South Dade Gov Center

1 Perrine D Quail Roost Dr/SW 117 Ave

Connects with Metrorail Serves Park & Ride Lot Overnight Service Serves Miami International Airport Connects with Tri-Rail Connects with Brightline

2 163 St Mall, 84 St D Downtown Miami

8 FIU Maidique Campus D Brickell Metrorail

12 Northside Metrorail D Mercy Hospital

16 163 St Mall D Omni Metrobus Terminal

17 Norwood D Vizcaya Metrorail

19 (WEEKDAYS ONLY) MDC North Campus D 163 St Mall

21 Northside Metrorail D Downtown Miami

22 163 St Mall D Coconut Grove Metrorail

24 CORAL WAY LIMITED - West Dade D Brickell Metrorail

29 (WEEKDAYS ONLY) Miami Lakes Education Center D Hialeah

33 Hialeah D NE 79 St/Biscayne Blvd

35 MDC Kendall Campus D Florida City

36 Dolphin Mall, Doral, Miami Springs D Midtown Miami

40 Lakes of the Meadow, Tamiami Trail/SW 132 Ave D Douglas Road Metrorail

51 FLAGLER MAX (WEEKDAYS ONLY) West Dade D Downtown Miami

52 Dadeland South Metrorail D South Dade Health Center

54 Miami Gardens Dr/NW 87 Ave, Hialeah Gardens D Biscayne Blvd/NE 54 St

56 (WEEKDAYS ONLY) West Dade D Miami Children’s Hospital

62 Hialeah D Biscayne Blvd / 62 St

71 Dolphin Mall D MDC Kendall Campus

75 Miami Lakes Educational Center D FIU Biscayne Bay Campus

82 WESTCHESTER CIRCULATOR (WEEKDAYS ONLY) FIU Maidique Campus D Tropical Park

9 Aventura, 163 St Mall D Downtown Miami

10 Skylake Mall D Omni Metrobus Terminal

287 SAGA BAY MAX (WEEKDAY RUSH-HOUR ONLY) S Dade Health Center D Dadeland South Metrorail

277 NW 7 AVENUE MAX (WEEKDAY RUSH-HOUR ONLY) Downtown Miami D Golden Glades Park & Ride

272 SUNSET KAT (WEEKDAY RUSH-HOUR ONLY) West Kendall Terminal D Dadeland North Metrorail

254 BROWNSVILLE CIRCULATOR (WEEKDAYS ONLY) Caleb Center D Jefferson Reeves Park, Hialeah (Thursday only)

208 LITTLE HAVANA CONNECTION (COUNTERCLOCKWISE) Downtown Miami, Brickell D SW 27 Ave via W Flagler St & SW 8 St

211 OVERTOWN CIRCULATOR (WEEKDAYS ONLY)

207 LITTLE HAVANA CONNECTION (CLOCKWISE) Downtown Miami, Brickell D SW 25 Ave via SW 1 St & SW 7 St

204 KILLIAN KAT (WEEKDAY RUSH-HOUR ONLY) West Kendall Terminal D Dadeland North Metrorail

104 West Kendall Terminal D Dadeland North Metrorail

M ROUTE 113: Civic Center D Mt. Sinai Hospital

C ROUTE 103: South Beach D Mt. Sinai Medical Center

120 BEACH MAX Downtown Miami D Haulover Park, Aventura Mall

88 Dadeland North Metrorail D West Kendall Terminal

93 BISCAYNE MAX (WEEKDAYS ONLY) Downtown Miami D Aventura Mall

73 Miami Gardens Dr & NW 73 Ave Park & Ride D Dadeland South Metrorail

72 West Kendall Terminal, Miller Square D South Miami Metrorail

87 Palmetto Metrorail, Doral D Dadeland North Metrorail

79 79 STREET MAX (WEEKDAY RUSH-HOUR ONLY) Northside Metrorail D 72 St / Miami Beach

B ROUTE 102: Brickell Metrorail D Key Biscayne

135 Hialeah Metrorail, Miami Lakes D FIU Biscayne Bay Campus

136 (WEEKDAY RUSH-HOUR ONLY) SW 136 St / US1 D Douglas Road Metrorail

132 TRI-RAIL DORAL SHUTTLE (WEEKDAY RUSH-HOUR ONLY): Doral D Hialeah Market Tri-Rail

95 95 EXPRESS GOLDEN GLADES (WEEKDAY RUSH-HOUR ONLY) Carol City, Aventura Mall, Golden Glades D Downtown Miami, Civic Center95 EXPRESS DADE BROWARD (WEEKDAY RUSH-HOUR ONLY) ROUTE 195: Broward Blvd D Downtown MiamiROUTE 196: Sheridan St D Downtown MiamiROUTE 295: Broward Blvd D Civic CenterROUTE 296: Sheridan St D Civic Center

297 27th AVE ORANGE MAX (WEEKDAYS ONLY) Miami Intl Airport D Miami Gardens

150 MIAMI BEACH AIRPORT EXPRESS Miami Intl Airport D South Beach

BISCAYNE GARDENS CIRCULATOR (WEEKDAYS ONLY)

J ROUTE 110: Miami Intl Airport D 41 St / Miami Beach

238 EAST-WEST CONNECTION (WEEKDAYS ONLY) Dolphin Mall D Miami Int. Airport

338 WEEKEND EXPRESS (WEEKENDS ONLY) Miami Intl Airport D Dolphin Mall

7 Dolphin Mall, Miami Intl Airport D Downtown Miami

37 Hialeah D South Miami Metrorail

46 LIBERTY CITY CONNECTION (WEEKDAY RUSH-HOUR ONLY) Brownsville Metrorail D Seventh Avenue Transit Village

42 Opa-locka Tri-Rail D Douglas Road Metrorail

57 (WEEKDAYS ONLY) Miami Intl Airport D Jackson South Hospital

3 Aventura Mall D Downtown Miami

11 FIU Maidique Campus, Mall of the Americas D Downtown Miami

27 Miami Gardens D Coconut Grove Metrorail

38 BUSWAY MAX Dadeland South Metrorail D Florida City

L ROUTE 112: Lincoln Rd D Hialeah Metrorail

S ROUTE 119: Downtown Miami D Aventura Mall

246 NIGHT OWL Downtown Miami D 163 St Mall

500 MIDNIGHT OWL Dadeland South Metrorail D Downtown Miami

286 NORTH POINTE CIRCULATOR (NO SUNDAYS) Miami Gardens Dr & NW 73 Ave Park & Ride D NW 57 Ave/NW 176 St

301 DADE-MONROE EXPRESS Florida City D Marathon Key

302 CARD SOUND EXPRESS Florida City D Ocean Reef Club

288 KENDALL CRUISER (WEEKDAY RUSH-HOUR ONLY) West Kendall Terminal, SW 127 Ave Park & Ride D Dadeland North Metrorail

267 LUDLAM LIMITED (WEEKDAY RUSH-HOUR ONLY) NW 186 St/87 Ave D Okeechobee Metrorail

252 CORAL REEF MAX Country Walk D Dadeland South Metrorail, Zoo Miami (Weekends Only)


77 Norwood D Downtown Miami

34 34 EXPRESS (WEEKDAY RUSH-HOUR ONLY) Florida City D Dadeland South Metrorail

31 BUSWAY LOCAL - South Dade Government Center D Dadeland South Metrorail

32 Carol City D Omni Metrobus Terminal

210 SKYLAKE CIRCULATOR Skylake Mall D 163 Street Mall

217 BUNCHE PARK CIRCULATOR (WEEKDAYS ONLY) NW 127 St / 22 Ave D N Dade Health Center

39 39 EXPRESS (WEEKDAY RUSH-HOUR ONLY) S Dade Govt Ctr D Dadeland South Metrorail







200

155






























































































200

155
























































































METROBUS ROUTES

SPECIFIC ROUTE INFORMATION / TRIP PLANNING:

www.miamidade.gov/transit MDT Tracker App 311 OR 305.468.5900 TDD/FLORIDA RELAY: 711

@GoMiamiDade EASY PAY MIAMI | MDT TRANSIT WATCH

DEPARTMENT OF TRANSPORTATION AND PUBLIC WORKS

METROBUS ROUTES


Express Service







Terminal

Metrorail Station

Metromover Station

Brightline

8, 24

115120, C




Brightline (Virgin Trains) Vision & RealitySouth Florida is excited about the possibilities that Brightline brings

to the region. Brightline, which will soon become Virgin Trains USA

after an investment by Richard Branson’s Virgin Group, looks to

the future for its growth. The new inter-city express train provides

a premium traveling experience that currently links downtown

Miami to Fort Lauderdale and West Palm Beach, with a future leg

to Orlando and potentially to Tampa. Each station in South Florida

is in the urban core, and is situated in order to connect and engage

with surrounding neighborhoods.

For Miami, the vision and realty for MiamiCentral, the southern

terminus for Brightline, is a multimodal facility that combines

different transportation options to tie travelers to every city and

community in the county. The station is conveniently located near

the central business district, Museum Park, American Airlines Arena

and the cruise ships at PortMiami. It is also a short walk, bike or car

ride to several of Miami-Dade more unique districts, including Little

Havana, Brickell and Wynwood.

More importantly, Brightline is providing a catalyst for new retail

options tied to massive mixed-use projects popping up around

each station. These projects provide needed foot traffic and

density that most retailers need to survive and thrive. As the line

expands northward to Orlando, additional stops could be added

in South Florida, including Wynwood in Miami-Dade, which could

spark additional demand and development along the line.

JULIA TUTTLE CSWY

RICKENBACKER CSWY

BROAD CSWY

27

836

821

826

VENETIAN CSWY

HialeahMarket

Opa-Locka

Golden Glades

MetrorailTransfer

MiamiAirport

75

MIAMI INTERNATIONAL AIRPORT

OPA-LOCKA

LUDLAM

BRICKELL

BLUE LAGOON

FOUNTAINEBLEAU

CAROLCITY

NORTHMIAMIBEACH

NORTHMIAMI

MIAMISHORESPINEWOOD

AVENTURA

RICHMOND WEST

CUTLERBAY

SAGA BAY

GOULDS

NARANJA

PRINCETON

HOMESTEAD

FLORIDACITY

THE REDLAND

Homestead AirReserve Base

SOUTHMIAMIHEIGHTS

PALMETTO BAY

WATSON ISLAND

OPA-LOCKAEXECUTIVE AIRPORT

SUNNYISLESBEACH

BAL HARBOUR

BAY HARBORISLANDS

GOLDENBEACH

HIAL EAHMEDLEY

DORAL

MIA MI SPRINGS

SURFSIDE

MIAMI BEACH

SOUTH BEACH

FISHERISLAND

VENETIAN ISLANDS

STARISLAND

HIBISCUSISLAND

VIRGINIAKEY

KEYBISCA YNE

M IAMI GARDENS

MIAMILAKES

HIALEAHGARDENS

SWEET WATER

CORALGABLES

WESTMIAMI

CORALTERRACE

KENDALL

SUNSET

COCOPLUMSOUTH MIAMI

WESTCHES TER

KENDALELAKES

THE HAMMOCKS

RICHMONDHEIGHTS

COUNTRY WALK

Zoo Miami

PINE CREST

OLYMPIAHEIGHTS

Miami Executive

Airport

LIBER TYCITY

ALLAPA TTAH

FLAGAMI LITT LE

HAVA NA

THE ROADS

COCONUTGROVE

NORTH BAYVILLAGE

INDIAN CREEKVILLAGE

EL PORTAL

LITTLEHAITI

WESTVIEW

BROWARD COUNTY

MIAMI-DADE COUNTY

99,183

54

G

286

217 155

217

G

115

A

M

M

46

46

202

202

254 254

132

132

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200

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252

252

200287

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10, 16, 32, A

12,17, 24, 500

35, 71104

57

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37, 40, 42 136, 500

29, 3

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8, 24, B, 207, 208, 500

33

8,11, 24, 71, 82

7, 36,

DolphinMall

FIU Bus Terminal

West KendallTransit Terminal

24

40

51

238, 338

75

75

75

75

33

77

8

J

9999

99

54

5433

62

36

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NW 79 St CSWY JOHN F. KENNEDY CSWY

288

8

8

2E E

37

1

1

L,115

79

115

120

120

238

Golden GladesTerminal

EdmonsonTransitVillage

The Bus Terminalat Aventura Mall

NortheastTransit Hub

Omni Bus Terminal

Downtown Bus Terminal

7

3, 21, 93

238

36254

150

120

272

17

37

135 135

54

135

95

BISCA

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BLV

D

95

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MACARTHUR CSWY

M

S

C

120

S

M

H

24500

50072

72

40

40

40

1

104 St

112 St

120 St124 St

128 St

136 St

144 St

152 St

160 St

168 St173 St

W Indigo St

184 StMarlin Rd

200St

112 Ave

216 St220 St

232 St

244 St

264 St

SO

UTH

DA

DE

TR

AN

SI T

WAY

272St

280St

296 St

312 StHistoricHomestead

324 St

328 St

344 St

38

3439

NW

32

AV

E

GA

LL

OW

AY

RD

SW

87

AV

E

TAMIAMI TRAIL

FLORIDA’S

TURNPIK

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S DIX

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DOLPHIN EXPY

PALMETTO EXPY

OKEECHOBEE ROAD

PAL

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MIRAMAR PKWY


RED

RO

AD

LUD

LAM

RD

FLA

MIN

GO

RD

SW 8 ST

W FLAGLER ST

NW 183 ST MIAMI GARDENS DR

NE 192 ST

NE 186 ST

NE 163 ST

NW 215 ST

NE 205 STNE 203 ST

NE 207 ST

WI LLIAM LEHMAN CSWY

SW 120 ST

BIRD ROAD

MILLER DRIVE

SUNSET DRIVE

NW 58 ST

NW 25 ST

NW 41 ST / DORAL BLVD

85 STH

AW

TH

OR

NE

AV

E

77 ST

96 ST

71 ST

41 ST

ALT

ON

RD

WA

SH

ING

TO

N

AV

EC

OLL

INS

AV

E

NW 186 ST

NW 138 ST

NW

22

AV

E

NW

17

AV

E

NW

12

AV

E

NE

2 A

VE

NW

2 A

VE

NE

6 A

VE

NW

1

2 AV

E NW

7 A

VE

NW

27

AV

E

NW

37

AV

E

E 8

AV

E

SW

22

AV

E

SW

12 A

VE

SW

27

AV

E

SW

37

AV

E

SW

42

AV

E

SW

57

AV

EW

4 A

VE

W 8

AV

E

W 1

2 A

VE

W 1

6 A

VE

SW

72

AV

ES

W 7

2 A

VE

SW 124 ST

SW

77

AV

E

SW

72

AV

E

SW

67

AV

E

SW

62

AV

E

SW

107

AV

E

SW

102

AV

E

SW

112

AV

E

SW

122

AV

E

SW

97

AV

E

SW

102

AV

E

SW

107

AV

E

SW

112

AV

E

SW

97

AV

E

SW

92

AV

E

NW

97

AV

E

NW

87

AV

E

SW

137

AV

ES

W 1

37 A

VE

SW

162

AV

E

SW

167

AV

E

SW

177

AV

EK

RO

ME

AV

EK

RO

ME

AV

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RICHMOND DRSW 168 ST

SW 168 ST

SW 184 ST

OLD

CU

TLER R

D

EUREKA DR

KILLIAN DR

QUAIL ROOST DR

HAINLIN MILL DR

SILVER PALM DR

SW 200 ST

SW 216 ST

SW 232 ST

SW 248 ST

SW

112

AV

E

COCONUT PALM DR

LUCY ST

SW

192

AV

E

S D

IXIE H

WY

CA

RD SO

UN

D RD

TO

WE

R R

D

SW 264 ST SW 268 ST

SW 272 ST

SW 280 ST SW 280 ST

SW 304 ST

SW 312 ST

SW 296 ST

SW 320 ST

SW 328 ST

W PALM DR W PALM DRSW 344 ST

SW 376 ST

SW 288 ST

CAMPBELL DR

SW 256 ST

SW 184 ST

SW 152 ST

SW 104 ST

SW 80 ST

SW 112 ST

KENDALL DR

CORAL REEF DR

SW 88 ST

SW 72 ST

SW

127

AV

E

SNAPPER CREEK DR

SW

137

AV

ES

W 1

37 A

VE

SW

127

AV

E

SW

117

AV

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W 1

17 A

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SW

107

AV

E

SW

112

AV

E

SW

187

AV

E

SW

182

AV

EN

W 6

AV

E

SW

147

AV

E

SW

157

AV

E

SW

162

AV

E

SW

167

AV

E

SW

152

AV

ES

W 1

52 A

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LUD

LAM

RD RED

RD

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CU

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D

SW

67

AV

E

NW

87

AV

EW

28

AV

E

NE

6 A

VE

NW 103 ST

NW 119 ST

W 49 ST

W 68 ST

MIAMI LAKES DR

NW 7 ST

CORAL WAY SW

17 A

VE

NW 199 ST

NW 191 ST NW 191 ST

NW

2 A

VE

NE

2 A

VE

NW

32

AV

E

NW

42

AV

ENW

47

AV

E

NW

52

AV

E

NE

19 A

VE

NE

12

AV

E

NW 206 ST

NW 211 ST

NW 156 ST

NW 175 ST

NW 151 ST NE 151 ST

NW 167 STNW 167 ST

NW 202 ST

199 ST

PALM

AV

E

E 65 ST

W 60 ST

SW 24 STSW 26 ST

SW 56 ST

SW 42 ST

NW 106 ST

NW

107

AV

E

NW 36 ST

NW 74 ST

SW

157

AV

ES

W 1

60 A

VE

SW

152

AV

ES

W 1

52 A

VE

SW

14

7 A

VE

SW

87

AV

E

SW

82

AV

E

NW 79 ST

NW 54 ST

NW 62 ST

NW 135 ST

E 4

AV

E

W 2

4 A

VE

N M

IAM

I A

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FLO

RID

A’S

TU

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SUNNY ISLES BLVD

CARIB

BEAN B

LVD

95

95

344

211

878

874

IVES DAIR

Y RD

MIAMI GARDENS DR

56, 500

S Bayshore D

r

Tigertail A

ve

Grand Ave

NW

37 A

ve

Miami Int’l Airport

Brownsville

Northside

Tri-Rail

Hialeah

Okeechobe

e

Palmetto

87

Brickell

Allapattah

Dr. Martin Luther King, Jr.

Santa ClaraCivic

Center

Historic Overtown/Lyric Theater

VizcayaCoconutGroveDouglas

Road

University

SouthMiami

Dadeland North

Dadeland South

Government Center

204272288

288A

2, 7, 11, 21, 51, 77, 95, S, 120, 207, 208, 246, 277, 500

7, 95, 211, 246

34, 38

344

344

37, 5772, 500

87, 88, 104, 204, 272, 288, 500

31, 34, 38, 39, 52, 73, 252, 287, 500

Culmer12, 3295, M

246

12, 32, 95, 246

12, 21, 36, J, 246

7, 37 42, 57 J, 150 238 297 338

12

, 21

32, 79

L

77, 211277

Earlingto

n Heights

17,

22, 95

27, 46

54, 254297

46, 62, 77, 277

MiamiCentral

MIAMI-DADE COUNTY

TRANSIT SYSTEMAUGUST 2018

METROBUS ROUTES


Express Service







Terminal

Park and Ride Lot

South Dade TransitWay Station

Metrorail & Station - Routes Serving Station

Tri-Rail

Brightline

8, 24

115120, C


22, 27

Big Pine KeyMarathon

Operated byKey West Transit

Operated by City of Homestead

Islamorada

Tavernier

EVERGLADESNATIONAL PARK

BISCAYNENAT’L PARK

Key West

HOMESTEAD

301

301, 302

302

KeyLargo

Lower KeysShuttle

National ParksShuttle

301302

301

FLORIDA KEYS

FLOR

IDA

’S T

UR

NP

IKE

GRIFFIN RD

DAVIE BLVD

W SUNRISE BLVD

W BROWARD BLVD

SHERIDAN ST

STIRLING RD

HOLLYWOOD BLVD

PEMBROKE RD

TAFT ST


HOLLYWOOD

DANIA

FORT LAUDERDALEHOLLYWOOD AIRPORT

FORT LAUDERDALE

A1A

A1A

Sheridan Street

Ft. Lauderdale

Ft. Lauderdale-HollywoodInternational Airport

Hollywood

95

95

95 1

441

1

95

595

Brightline Ft. Lauderdale

BROWARD COUNTY

ME

TR

OR

AIL

A

8, 24, B, 207/208, 500

246

10

Brickell

3

8

8

B

246

2462

51

21

21

21

95

95

95

95120

120120

3

3

93

93

11

24

11

7

7

7

7

3

9

9

9

9

S

S

10

10

10

1632

77

M

M

MS

A

A

77

2

S M

IAM

I A

VE

SW

2 A

VE

SW 3 AVESW 13 ST SE 13 ST

SW

1 A

VE

NW 1 ST

E FLAGLER STW FLAGLER ST

NW 3 ST

NW 4 ST

SW 2 ST

SE 4 ST

NW 6 ST

NW 5 ST

NW 8 ST

NW 10 ST

NW 17 ST

NW 18 ST

NW

8 A

VE

NW

7 C

T

NW

3 A

VE

NW

5 A

VE

NW

5 A

VE

NW

7 A

VE

SW 1 ST

NW 1 ST

SW 8 ST

SW 7 ST

SE 5 ST

SE 7 ST

SE 8 ST

SW 15 RD

NE 5 ST

SE 1 ST

NW 10 ST

NE 12 ST

NE 13 ST

NE 16 ST

NE 15 ST

NE 17 STNE 17 TERR

NW 11 ST

NW

2 A

VE

NW

6 A

VE

SW

8 A

VE

SE

2 A

VE

BRICKELL KEY

NO

RTH

RIVER DR

SO

UTH RIVER DR

NW 14 ST

NE 4 ST

NW 6 ST

NE 3 ST

NE 2 ST

SW 11 ST

SE 10 ST BR

ICK

ELL

AV

E

NW

1 A

VE

NE

1 A

VE

NE

2 A

VE

NE

1 A

VE

N M

IAM

I A

VE

NE 14 St

NE 10 ST

NE 9 ST

NE 8 ST

SW 12 ST

BIS

CA

YN

E B

LVD

BIS

CA

YN

E B

LVD

NW

2 A

VE

207

277

208

500

500

208

211211

211

211

211

211

207

208207

N B

AY

SH

OR

E D

R

3

2

3

51

95277

207/208

51

77

120

393 120

120

77

95

95

395

MiamiCentral

Government Center2, 7, 9, 11, 21, 51, 77, 95, S, 120, 207, 208, 246, 277, 500

Downtown Bus Terminal3, 21, 93

Omni Bus Terminal3, 16, 32, S, 120

GovernmentCenter

MUSEUMPARK

ELEVENTH STREET

PARKWEST

WILKIE D. FERGUSON, JR.

HISTORICOVERTOWN/

LYRICTHEATRE

MIAMIAVENUE

THIRD STREET

RIVERWALK

FIFTH STREET

BAYFRONTPARK

FIRST STREET

BRICKELL CITY CENTRE

(EIGHTH STREET)

TENTH STREETPROMENADE

FINANCIALDISTRICT

SCHOOLBOARD

ADRIENNE ARSHT CTR

COLLEGENORTH

KNIGHTCENTER

COLLEGE/BAYSIDE

FREEDOM TOWER

SW 1 ST

DOWNTOWN MIAMI







200

155






























































































200

155






























































































200

155
























































































METROBUS ROUTES

SPECIFIC ROUTE INFORMATION / TRIP PLANNING:

www.miamidade.gov/transit MDT Tracker App 311 OR 305.468.5900 TDD/FLORIDA RELAY: 711

@GoMiamiDade EASY PAY MIAMI | MDT TRANSIT WATCH

DEPARTMENT OF TRANSPORTATION AND PUBLIC WORKS

METROBUS ROUTES


Express Service







Terminal

Metrorail Station

Metromover Station

Brightline

8, 24

115120, C

THIS IS A GENERAL REFERENCE MAP. CONSULT INDIVIDUAL ROUTE MAPS FOR DETAILS.2018-2019 EDITION 19

https://360.gobrightline.com/


The Underline Project The Underline will transform what is

currently underutilized land below Miami’s

MetroRail, from the Miami River to Dadeland

South Station. It will connect communities;

improve pedestrian and bicyclist safety;

create more than 120 acres of open

space with restored natural habitats;

encourage a healthy lifestyle; provide an

easily accessible place to exercise; create

a mobility corridor that integrates transit,

car, biking and walking along U.S. 1. and

generate significant economic impact.


https://www.theunderline.org/

2018-2019 EDITION 21

The Urbanization of Miami-Dade’s SuburbsMiami-Dade is embracing transit-oriented mixed-

use projects around Metrorail and Metromover

stations that incorporate residential, office and retail

uses. Residents and workers can walk or ride mass

transit to get around without having to get in a car.

These transit-oriented developments (TODs) offer

retailers access to hundreds, maybe even thousands,

of customers every day.

In the urban core, TODs have been developed along

the free Metromover elevated tram that connects

the Downtown, Brickell and Omni neighborhoods.

Two significant projects include Brickell City Centre,

which includes a large upscale mall and food court,

and MiamiCentral, in Downtown, which is the city’s

new “Grand Central” station, combining all the

county’s mass transportation options in one place

with several office and residential towers above.

Retail in the project is already playing an important

part in creating a sense of community for an area

Downtown that lacked a sense of place.

TODs have had a more profound impact on suburban

submarkets where the idea was always that station

hubs would provide the population density required

and create enough revenue to support the system.

The added benefit would be reducing auto use and

easing stress on area roadways. After several years

when projects failed to get from the drawing board

to construction, multiple projects are underway that

will dramatically alter the neighborhoods around

many stations:

• The Dadeland South station at the system’s

southern end, had early success with the

mall and Datran Center’s office towers.

The Downtown Dadeland mixed-use urban

district, adjacent to the station has taken

off with new residential development and a

thriving retail component.

• The South Miami station has a proposal

for a Class-A office building with ground-

floor retail fronting high-profile South Dixie

Highway and a 99-unit residential building

intended for students attending nearby

University of Miami at the back of the station.

• The Douglas Road station could see a mixed-

use urban hub that would contrast sharply

with the surrounding neighborhood. The

project will include 1,000-1,500 apartments

and a 22-story, 280,000-square-foot office

building. Ground floor retail would engage

riders and residents throughout the project.



“The retail market in Miami-Dade remains fundamentally strong and is at the forefront of traditional retail’s reinvention in the 21st century. The changing composition of neighborhoods and structural barriers to entry allow for and require urban regeneration. This makes Miami an ideal testing ground for new retail formats and ideas that eventually will roll out and impact retail unit delivery in markets nationally.”Greg Masin, Senior Director Retail Services at Cushman & Wakefield

2018-2019 EDITION 23



Miami Millennials Miami-Dade is one of the top cities nationally

for Millennials, with a total of 27% of the

population and growing. This generation

is plugged into handheld devices, causing

significant disruption to traditional

purchasing patterns. Millennials value

convenience and flexibility in addition to a

customer-centric approach that makes them

feel wanted and valued. They are drawn

to the overall experience more than just

buying a product, and demand a seamless

integration between the online and physical

retail spheres.

Miami-Dade is not considered a traditional

tech market, but it is the gateway to Latin

America for most U.S.-based technology

companies. Its rapidly growing tech

community bridges different cultures and

provides a melting pot in which ideas can be

developed into viable businesses that are able

to impact a wider international community.

Venture capital pours into Miami-Dade and

South Florida with over $1.5 billion in recent

years going to area companies which are in

cutting-edge technologies including virtual

reality and game simulation. Many times,

young Millennials may start out their tech

careers in South Florida and then move to

other cities where there is more demand for

their skills.

Miami-Dade’s first ‘unicorn’ startup (a

privately-held startup tech company valued

at over $1 billion), ParkJockey announced

additional investment by Japan’s SoftBank

which pushed the value of the company over

$1 billion. In addition, ParkJockey acquired

two of the largest parking operators in

North America, making it one of the most

valuable parking companies in the world.

Their “smart” parking technology has the

potential to solve many urban areas traffic

congestion and parking issues by taking a

city-wide approach and solution.

The Kauffman Foundation’s 2017 Index of Startup Activity,which measures new business creation, ranked the Miami-Fort Lauderdale area No. 1 out of the 40 largest metro areas in the U.S.

2018-2019 EDITION 25

https://www.parkjockey.com/

https://www.kauffman.org/kauffman-index/reporting/startup-activity/~/media/9f685e8c214248f0884fa21416f6b03e.ashx

18-34

AGE GROUP recently passed Boomers in total size

$69,993

AVERAGE HOUSEHOLD INCOME

54% OF MILLENNIALS now make PURCHASES ONLINE, up from 51% in 2015

$1.4

TRILLION purchasing power by 2020

DIGITAL NATIVES GREW UP AND ARE COMFORTABLE ONLINE

MILLENNIALS DON’T VIEW THE WORLD IN TERMS OF CHANNELS


Millennials are attracted to the sun, sand and

fun in South Florida. They see Miami-Dade’s

density and diversity as pluses and as a source

of community and as vitality. Millennials also

contribute to the gentrification of many

neighborhoods, improving once blighted or

marginalized areas. In Miami-Dade, Millennials

have changed the overall composition of

several neighborhoods, including Wynwood

and Downtown, but have not totally erased

the existing dynamics in those areas. The

different communities where Millennials live

and work have created unique environments

that allow retailers to test out new concepts

and create innovative experiences that hope

to capture a Millennial’s attention.


The Power of the Gray Dollar Often overlooked but vitally important consumers for

Miami are seniors over the age of 60, who make up over

20% of the total population. Contrary to perception,

the spending power of seniors often exceeds those

of younger generations. Their focus is more on basic

services and health care-related costs and less on

fashion or the latest electronic gadgets. Seniors are also

the largest generational bloc of new homebuyers. This

supports spending in the home improvement, appliances

and ancillary services. In a market like Miami, spending by

seniors is another piece of the puzzle that retailers must

account for to succeed.

SENIORS OVER 60

makeup MORE THAN 20% of the TOTAL

POPULATION

SENIORS are also the LARGEST GENERATIONAL BLOC of NEW HOMEBUYERS

2018-2019 EDITION 27

MIAMI-DADE’SMULTIPLE RETAIL DRIVERS

Cool Streets & WalkabilityMiami-Dade is a market made for

walking and people watching. Its

“Cool Streets,” like Lincoln Road and

Wynwood, are urban retail markets

that draw people in by creating an

experiential atmosphere that combines

sights, sounds, smells and tastes. They

are internet-resistant where sensory

entertainment is a key element to make

these retail corridors successful. The

type of retailers can range from cutting-

edge or more established institutions

that seek to tap into increased foot

traffic generated by key demographics

that are looking for the next cool thing.

Often these neighborhoods undergo

varying degrees of development and

gentrification as they try to remain hip

and relevant. By being “cool,” these

neighborhoods are undergoing constant

evolution and reinvention.

The constant influx of tourists and

their spending lengthens the longevity

of these areas. The success of these

neighborhoods is the result of their

uniqueness in Miami-Dade’s overall retail

landscape and their ability to create

a curated and personalized shopping

experience unlike anything else in the

market.

MIAMI-DADE’S MULTIPLE RETAIL DRIVERS


http://www.cushmanwakefield.com/en/research-and-insight/2018/cool-streets-report

http://www.cushmanwakefield.com/en/research-and-insight/2018/cool-streets-report

2018-2019 EDITION 31

Miami-Dade Retail Construction

The bulk of new construction occurred in 2008 at the height of the last cycle. From 2009 to 2014, new retail

construction essentially flattened and delivered on average less than 350,000 sf even as the local population

increased and the economy added jobs. 2015 and 2016 have been the high-water marks for new retail deliveries,

including the completion of Brickell City Centre. This cycle, most new construction is in high-end mixed-use

projects in the urban core, like the Design District, or in well-established submarkets like Coral Gables.


Miami-Dade Retail Boom

MiamiCentral At the southern terminus for Brightline, MiamiCentral includes 127 ksf of retail space, 136 residential units, hotel and 300 ksf of office space. It will include a full-service grocery store as well as an international themed food hall.

Q4 18

Miami WorldCenter

A mixed-use project to be developed over the next seven years with 300 ksf of retail, 500 ksf of office, 2,000 hotel rooms and almost 1,900 residential units on a parcel of land south of I-395 and across the street from American Airlines Arena and Museum Mile. First retail phase will deliver in 2019.

Q2 19

Plaza Coral Gables

A 7-acre project in the heart of Coral Gables will deliver 161 ksf of additional retail space, 174 residential units, a 242-key hotel and two office towers totaling 473 ksf of space. It will have a shared parking garage for 2,400 cars and include the development of a public park.

Q3 20

American Dream Miami

Situated on a 174-acre site along the Florida Turnpike, American Dream will be the nation’s largest and most expensive mall on buildout. It will include 3.5 msf of retail space and an additional 1.5 msf in entertainment uses including indoor ski slopes, aquariums, skating rinks, climbing walls, live theater venues and 2,000+ hotel rooms.

Q1 23

DELIVERING

Sources: Cushman & Wakefield Research, CoStar

2,500,000

2,000,000

1,500,000

1,000,000

500,000

02007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Peaked in 2008 at 2.1 msf

2018 YTD Deliveries only 31% of peak in 2008


https://miamicentral.com/

http://miamiworldcenter.com/

http://miamiworldcenter.com/

https://theplazacoralgables.com/

https://theplazacoralgables.com/

http://www.americandream.com/

http://www.americandream.com/

2018-2019 EDITION 33

Miami-Dade Food Halls The sharing economy for restaurants Millennials and tourist dollars feed Miami-Dade’s thriving culinary scene. Food and beverage remain the driving force for local retail. The international composition of the market creates an ideal testing ground for new food concepts that cater to a diverse population. Food halls are riding that wave and allow consumers to interact with food and with the physical space in different ways depending on the seating, setup and social events. Food halls are multisensory experiences of taste, smell, sound and texture that allow customers to have unique experiences around food and in communal dining environments.

As such, food halls serve as key amenities to within some of Miami-Dade’s largest new mixed-use developments. They are also being used to revitalize dated and/or more traditional retail projects. Any area in the county with high traffic, from the Design District to traditional tourists areas like Lincoln Road, is seeing a surge in food hall concepts.

With the rapidly growing popularity of food halls, there has been some concern about overbuilding in Miami-Dade. For the most part, food halls in the county are thriving and positively impacting the bottom line of many developments. While they compete with traditional restaurant concepts, food halls give restaurateurs an overall cheaper operating model, requiring significantly less in start-up capital. For that reason, they are not a fad. They represent a new operating model that provides users with lower costs and, if set up and located correctly, significantly higher levels of foot traffic.



http://www.cushmanwakefield.com/en/research-and-insight/2018/foodhalls-of-northamerica

Food Hall Concepts Under Construction

Central FarePart of Downtown’s MiamiCentral project, the two-level food hall features more than 20 food and retail concepts, from groceries and quick grab-and-go food to more formal sit-down options.

Q4 18

The CitadelPart of Miami’s historic Little River neighborhood, the mixed-use project will combine innovative office space with over 20 different local food concepts and include retail, beauty services and rooftop bar.

Q4 18

Time Out Market

Upscale and part of a high-end chain, it includes 17 of today’s hottest chefs creating some of the most unique food experiences on Lincoln Road in Miami Beach. It is where new concepts are experimented with before being rolled out to restaurants.

Q4 18

1-800-LuckyPart of Miami’s Wynwood Arts and Entertainment District, the 10,000-sf space features seven food vendors, two bars, and the neighborhood’s first convenience store. Created in the style of a hip, Asian market with indoor and outdoor seating.

Q4 18

DELIVERING

Food Hall Concepts Recently Delivered

La CentraleA three-level, 40,000-sf Italian food hall, part of Brickell City Centre, with concepts inspired by prominent regions in Italy including a The Mercato area for fast dining options.

Q1 18

St. Roch Market

Located in the Design District, the market is a contemporary, multi-vendor food-hall brand out of New Orleans with a diverse lineup of 12 chef-driven concepts in 10,000 sf of space.

Q1 18

DELIVERY

2018-2019 EDITION 35

https://centralfare.com/

http://thecitadelmiami.com/

https://www.timeoutmarket.com/miami/

https://www.timeoutmarket.com/miami/

https://www.1800lucky.com/

https://lacentralemiami.com/

https://www.miami.strochmarket.com/

https://www.miami.strochmarket.com/


Miami-Dade’s Elevated Retail RentsMiami-Dade has the highest asking overall

rents in the Southeast U.S. as well as one

of the lowest overall vacancy rates for

retail. While the data reflect suburban

neighborhood shopping-center product and

does not include high street space, it does

show the tremendous cost many traditional

retailers pay to be in the market. Miami-

Dade’s elevated status as a gateway market

and retail potential based on consumer

spending is reflected in the current rent

levels.

At the height of the market, rents for urban

storefronts exceeded $300 PSF, triple net.

Even with a moderate decrease in certain

high-street markets over the last 24 months,

rent levels remain competitive with larger

markets like New York or Los Angeles.

Miami-Dade competes for the same level

and type of tenants in terms of relevance

as other larger gateway cities. Success here

validates a concept or a product.

Urban storefronts in high-end areas can be more than $300 PSF NNN.

NNN RENT PSF

OVERALL VACANCY

WPB $24.55 NNN 5.7%

FTL $24.85 NNN

5.4%

MIA $39.05 NNN

4.3%

JAX $16.03 NNN 8.3%

TPA $18.44 NNN

7.1%

HOU $21.74 NNN

6.9%

ORL $21.36 NNN

7.2%

SAN $18.74 NNN

7.1%

AUS $25.30 NNN

7.3%

DAL $19.95 NNN

7.3%

CHA $19.10 NNN

6.1%

ATL $16.58 NNN

8.6%

Source: Cushman & Wakefield Research, CoStar. Vacancy figures are based on previously reported national second quarter 2017 statistics.


Photo courtesy of Touzet Studio 2018-2019 EDITION 37

Miami

Doral

Goulds

Hialeah

Miramar

Naranja

Kendall

Aventura

Pinecrest

Homestead

Opa-locka

Princeton

Cutler Bay

Sweetwater

Miami Lakes

South Miami

North Miami

Miami Beach

Westchester

Palmetto Bay

Miami Shores

Key Biscayne

Coral Gables

Florida City

Leisure City

Miami Gardens

Westwood Lakes

Hialeah Gardens

Glenvar Heights

Richmond Heights

Hallandale Beach

Sunny Isles BeachNorth Miami Beach

South Miami Heights

§̈¦95

§̈¦75

§̈¦195

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The Everglades

BROWARD COUNTY

MIAMI-DADE COUNTY


The Opportunity in “Opportunity Zones”A potential boon for the retail market and development in

Miami-Dade is the establishment of federal “Opportunity

Zones” in distressed neighborhoods in the county.

Opportunity Zones, part of the Tax Cuts and Jobs Act

signed into law in 2017, give tax breaks to investors who

place capital gains into funds that invest in largely low-

income areas across the county. Florida has already

established Opportunity Zones in 25% of eligible low-

moderate income Census tracts throughout the state.

Early analysis shows that about 25% of these zones are

in rural areas, with the vast majority in more densely

populated urban areas.

Nationally, it is predicted that up to $100 billion in capital

could be invested into Opportunity Zones. Investors will

be able to defer capital gains taxes for five to seven years,

and those capital gains taxes are completely waived

if they are invested for 10 years. Funds must have 90%

of their assets invested as equity in qualified projects

in Opportunity Zones in order to receive this incentive.

Guidelines from the Treasury Department still need to

be issued that define what constitutes an approved

investment.

Early indications are that projects that incorporate

housing will initially be preferred. There are multiple funds

raising capital focused on development in Opportunity

Zones. Most are waiting on the sidelines for further

guidance and clarification from the government before

deploying money, which should begin toward the end of

2018 and in early 2019.

The biggest and most welcome change for areas

designated as Opportunity Zones is that many low-

income neighborhoods no longer must convince capital

to invest in or even look at them. Now, funds flush with

money are actively targeting those areas for development.

Miami-Dade has 67 Opportunity Zones designated

throughout the county. These include some areas ripe

for redevelopment with mega projects already in place

and working through entitlements. These projects

could potentially qualify for the program and benefit

greatly. There is also the potential to spur additional

development around zones that could spill into adjacent

neighborhoods. Over the next 12 months, the influence

of Opportunity Zones on Miami-Dade’s retail landscape

could be massive.

Miami Dade has 67 Opportunity Zones designated throughout the county.


Miami

Doral

Goulds

Hialeah

Miramar

Naranja

Kendall

Aventura

Pinecrest

Homestead

Opa-locka

Princeton

Cutler Bay

Sweetwater

Miami Lakes

South Miami

North Miami

Miami Beach

Westchester

Palmetto Bay

Miami Shores

Key Biscayne

Coral Gables

Florida City

Leisure City

Miami Gardens

Westwood Lakes

Hialeah Gardens

Glenvar Heights

Richmond Heights

Hallandale Beach

Sunny Isles BeachNorth Miami Beach

South Miami Heights

§̈¦95

§̈¦75

§̈¦195

£¤41

£¤1

£¤441

£¤1

£¤41

£¤1

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´

The Everglades

BROWARD COUNTY

MIAMI-DADE COUNTY

OPPORTUNITY ZONE BY CENSUS TRACT

Miami-Dade Opportunity Zones by Census Tract

2018-2019 EDITION 39

RETAILCHALLENGESIN MIAMI-DADE

Cost of LivingTransportation and the cost of housing are the biggest

factors in why it costs more to live in Miami-Dade compared

to other markets. The 2018 overall index for Miami is 137,

with the U.S. average being 100 and Florida at 111. The

average rent for an apartment approaches $1,300 a unit,

while the median home price is over $100,000 more than

the state’s average of $326,000. This high median price is

driven by condo sales, which have softened recently but

not enough to make a significant dent in living expenses.

Traffic CongestionThe main reason the cost for transportation is so high in

the county is that many people must sit in traffic to get

from Point A to Point B. In 2018, Miami-Dade is the ninth-

worst major city in the U.S. for traffic and the 75th worst

in the world, according to the TomTom Traffic Index.

Increased traffic congestion is directly affecting people’s

travel patterns and buying habits. Traffic time is shrinking

market areas and consumer purchases are increasingly

being defined not only by location but also by ease of

access.

Source: bestplaces.net, 2018.

Community SilosMicro markets are the norm in Miami-Dade. These serve

the retail needs of the immediate community and can be

walkable, like Brickell or Coral Gables, or spread out over

short drivable distances in many suburban submarkets.

Online competition and traffic time considerations

force many retailers into silos with limited market area

from which to pull customers.

AVERAGE RENT approaches $1,600 for a 975 SF unit.

MEDIAN HOME PRICE is $100K MORE than

the state’s average of $326,000.

RETAIL CHALLENGES MIAMI-DADE

Source: AXIOMetrics, November 2018


https://www.tomtom.com/en_gb/trafficindex/

https://www.bestplaces.net/

eCommerce Online And in the Physical StoreThe last decade saw eCommerce take a larger piece of retail sales that will hit 15% of all sales by 2020. eCommerce is a factor in some store-traffic erosion and retail bankruptcies. A larger factor is the spending habits and preferences of Millennials. The old and tired retail model is not appealing to younger customers. They want convenience, a good deal and, if they are out, an experience. Physical stores need to have a compelling and unique environment to draw many of them in.

Retail in Miami-Dade has learned how to adapt and bridge the offline storefront with an online presence. Many times, they are reinventing their business models to use technology to attract and retain customers.

Destination retail, like Coral Gables, Bal Harbour and Aventura, create an experience that captures people’s attention and cannot easily be replicated online.

Now the pendulum is shifting. eCommerce companies are buying or opening brick-and-mortar storefronts to create more direct “retail touchpoints” with customers. These standalone touchpoints serve as a driver for brand awareness and as a connection to the online marketplace. New physical stores can also be part of a last-mile delivery and fulfillment strategy. Online brands like Miami-Dade’s market because it has the density, consumer-buyer power and diverse customer base that can support the creation of physical storefronts. Many new developments that are under construction or proposed actively pursue online brands because they are the most hip and interesting, which will drive more traffic to their projects. This trend will only accelerate as more online brands move into yet-untapped retail concepts, including local corner convenience stores.

2018-2019 EDITION 43

RETAIL CHALLENGES IN MIAMI-DADE

eCommerce Acceleration Impact on Store Closures

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

eCommerce % of Total Retail Sales

Major Chain Closures

Forecast Major Chain Closures

eCommerce portion of retail sales up 490 basis points

10.1%

15.0%

What’s Really Happening? It’s Not Just About eCommerceConvergence of Four Factors

ACCELERATION OF NEW COMMERCE

OVER-RETAILED MARKETPLACE

RACE-TO-THE-BOTTOM DISCOUNTING

SHIFTING CONSUMER PATTERNS Millennials’ Spending Habits

Source: Company filings, Department of Commerce, Cushman & Wakefield Research


Re-energizing Empty StorefrontsThe “retail apocalypse” makes a good press headline, but that’s not really what is happening. In 2018, the pace of new store openings is outdistancing store closings. While some chains and retail sectors are being hit harder than others, the overall trend nationally is more positive. Miami-Dade is seeing many of those same dynamics where retail is always in a state of change. Stores are constantly innovating, focusing on flexibility and adaptability to capture customers. Sometimes ideas work and sometimes they do not. Nothing can remain in a static state if retail is to survive.

Empty storefronts are more common in Miami-Dade for many reasons. Retailers are learning to adapt to online competition and to changing neighborhood characteristics. Several chains are closing larger spaces and opening smaller retail footprints in the same areas. Besides lowering costs, that allows stores to tailor the shopping experience for the local area as well as to quickly change and customize the store experience. Some retailers are even using these concepts as another leg in last-mile logistics.

Rents also play a factor in empty storefronts along some of Miami-Dade’s top shopping streets. Stores there saw rents doubled or tripled in the last 10 years. Over the last 24 months, rents stagnated as landlords’ expectations stayed at one level and many tenants’ ability to cover operating expenses and make a profit were lower.

Another way owners are re-energizing retail space to build foot traffic is by repurposing it to other, complementary uses. In some centers, the total amount of retail square feet may be reduced and replaced with entertainment, office and even some residential space to create an atmosphere in which people want to come, stay and spend money. Owners are trying to provide an alternative environment to online shopping where people can gather and interact. In Miami-Dade, we see that in the development of more outdoor and community space within new projects in the urban core, like Brickell City Centre and MiamiCentral, and in suburban locations in South Dade and in Coral Gables. It is one of the reasons food halls took off in the county, and a proven and profitable concept that works in Miami-Dade.

2018-2019 EDITION 45

RETAIL CHALLENGES IN MIAMI-DADE

edgy cool

up and comingprime hipness

still cool, but...

gone mainstream

Funky, Small Shops, Cheap Eats, Off the Beaten Path, Discoverable,

Lower Rents

Unique Tenants, Local Ownership, More Food Options, Experiential, Higher Rents

Millennial Driven, Mix of Local/National Retailers, Larger Crowds,

Generational, Rising Rents

Institutional Ownership, More National Retailers, Less Diversity, Accessible, Still Rising Rents

Corporate, Higher Costs, Creatives Moving On, Affluent

Customers, Conventional, Stabilized Rents


2018 Retail Rent SurveyNEIGHBORHOOD LOW HIGH AVERAGE

BRICKELL AVENUE $70 $125* $98

DESIGN DISTRICT $65 $300 $183

WYNWOOD $55 $100 $78

AVENTURA $85 $125 $95

CORAL GABLES $100 $125 $115

MIAMI BEACH $40 $110 $75

LINCOLN ROAD $225 $275 $250

COLLINS AVENUE $100 $125 $115

HIGH STREET

*NNN Retail Rent Survey Source: Cushman & Wakefield Research. All rental rates are NNN per square foot.

2018-2019 EDITION 47

INTERCONNECTEDSUBMARKETS

INTERCONNECTEDSUBMARKETS

§̈¦95

§̈¦75

§̈¦95

§̈¦75

UV997

UV821

UV826

UV94

UV823

UV860

UV821

UV821

UV860

£¤41

£¤27

Miami-Dade

Broward

Biscayne Bay

Atlantic Ocean

BRICKELLDOWNTOWN

WYNWOOD

DESIGN DISTRICTDORAL

CORAL GABLES

KENDALL

Cutler

Pinecrest

Coconut Grove

NorthMiami

Hialeah

Miami Lakes

Miramar


BRICKELLBrickell has become the epicenter of Miami-Dade’s growing live-work-play dynamic. Residents and workers enjoy shopping, dining and entertainment all within a short walking distance. The recent delivery of the mall at Brickell City Centre added 565,000 square feet of retail, causing retailers and international brands to open new outlets in the submarket to tap into the increased consumer demand and the highest daytime population in the county.*Represents urban market rate outside of the Brickell City Centre project.

1,813,801SQUARE FEET

50,000UNDER CONSTRUCTION

80.6%OCCUPANCY

$80 PSFNNN RENT

DOWNTOWNDowntown Miami is poised to become its own retail destination within the next year. The expanded resident population and demand for retail services has the potential to increase as new projects come online. First to market later this year will be MiamiCentral, a transit hub for the new Brightline inter-city train line connecting Miami-Dade to counties to the north. It will include retail, a food hall and other service-orientated retail.



85.5%OCCUPANCY

$60 PSFNNN RENT

DESIGN DISTRICTAfter 30-plus years as a center for to-the-trade hard goods, the Miami Design District is being transformed into a luxury-retail destination. With retailers Dior, Hermes, Cartier and Louis Vuitton serving as the market’s anchors, a critical mass of luxury co-tenancy has committed to the project. However, with only about half of the redevelopment delivered, it is still too early to understand the District’s impact on the greater luxury-retail environment.

850,957SQUARE FEET


89.2%OCCUPANCY

$85 PSFNNN RENT

§̈¦95

§̈¦75

§̈¦95

§̈¦75

UV997

UV821

UV826

UV94

UV823

UV860

UV821

UV821

UV860

£¤41

£¤27

Miami-Dade

Broward

Biscayne Bay

Atlantic Ocean

AVENTURA

MIAMI BEACH

NorthMiami

Hallandale

North Miami Beach

WYNWOODOver the last real estate cycle, the Wynwood submarket has emerged as both an incubator for creative-office users and as a magnet for hip, emerging brands that appreciate its edgy quality. The next step in the maturation of the market is a wave of proposed residential and office developments that promises to bring much-needed 24-hour density able to support a wider pool of retailers.



89.2%OCCUPANCY

$60 PSFNNN RENT

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INTERCONNECTED SUBMARKETS

MIAMI BEACHMiami Beach continues to be the strongest retail trade market in Miami-Dade, supported by international visitors and affluent full-time and seasonal residents. After peaking at all time highs, both the Lincoln Road Mall and Collins Avenue retail corridor have experienced a slowdown in overall leasing velocity, consistent with national high-street trends. However, with its diverse mix of world-class boutiques, galleries and stores, and access to millions of visitors annually, the underlying fundamentals of the market remain a strong attractor to retailers.



93.6%OCCUPANCY

RENT 15%

CORAL GABLESCoral Gables is one of the most affluent submarkets in Miami-Dade. Retail in the master-planned city is clustered around two primary retail destinations; At the southern end of the trade area, General Growth Properties’ Village of Merrick Park, an open-air mall anchored by Nordstrom and Neiman Marcus; and to the north, the historic Miracle Mile, which features an eclectic mix of food and beverage establishments as well as local boutiques and galleries. Several mixed-use projects currently proposed or under construction will add thousands of new residents and nearly double the trade areas’ retail space. Notable projects in the works are The Plaza Coral Gables, The Link at Douglas and Merrick Manor.



97.3%OCCUPANCY

$50 PSFNNN RENT

KENDALLThe Kendall submarket in Miami continues to be one of the strongest suburban retail markets in South Florida. Driven by population density, favorable household incomes and high traffic counts, Kendall is home to the 1.4-million-square-foot Dadeland Mall, The Falls, and The Palms at Town & Country, an open-air retail power center. Kendall can easily be accessed via Miami-Dade’s Metroline, with multiple stops at major retail sites.



97.6%OCCUPANCY

$40 PSFNNN RENT

AVENTURAAventura is known best for Aventura Mall, which is ranked second nationally in number of visitors and is in the top five highest-grossing malls for sales per square foot. Its 2.7 msf dominates the market, and the mall is currently undergoing a vertical expansion that will add an additional 315,000 sf of new space. Other retail centers include Loehmann’s Fashion Island, Aventura Shopping Center, Aventura Commons, The Promenade Shops and The Shoppes at the Waterways.



98.5%OCCUPANCY

$70 PSFNNN RENT

DORALWith 250 corporate headquarters and 100 multinational corporations, Doral hosts a daytime population in excess of 100,000 people. Between density and foot traffic, Doral is a major submarket for retailers with significant consumer sales. The two major malls in Doral, The Miami International Mall and Dolphin Mall, are now joined by The Shops at Downtown Doral and the newly opened CityPlace Doral.



98.3%OCCUPANCY

$70 PSFNNN RENT


SUBMARKET HEALTHRECOVERY EXPANSION DECLINE CONTRACTION

Coral Gables

Kendall

Downtown

Brickell Design District

Wynwood MiamiBeach

Activity ReboundsOccupancies IncreaseRents StabilizeNew Tenants Move In

Activity AcceleratesRapid Drop in VacancyRents Rises SharplySome Tenants Priced Out

Activity FallsVacancy Slowly RisesRents Decline SlightlyTenants Start to Leave

Limited ActivityLong-Term VacancyRents StagnateEmpty Storefronts

Coconut Grove

2018-2019 EDITION 53

THE FUTURE OF RETAILIN MIAMI-DADE

THE FUTURE OF RETAIL

IN MIAMI-DADE

Miami-Dade is a 24-hour market and does not stand still.It is the center of a growing and dynamic region that draws in people with significant ties to international markets. The area’s cosmopolitan nature, natural beauty and abundant energy attract people from all walks of life, young and old.

The market will continue to be at the forefront of social and economic forces that are shaping our world. Increased east-west commerce with Asia converges with the growing importance of north-south trade with Latin America to place Miami-Dade ideally at the heart of the global economy.

Immigration from all parts of the world will drive new ideas and product development. Current retail concepts will morph and create different experiences for consumers that will shift based on new cultural influences. The line between the online and real worlds will further blur as technological advances continue to inspire how we live, get around and shop. The adoption and diffusion of new practices will be made easier by the dense, urban nature of Miami-Dade. Success or failure will depend on the adaptability to stand out in a crowded field.

Miami-Dade is a true gateway between domestic and international markets. It is where trends are set and not followed. While the exact future may not be known, Miami-Dade’s relevance will continue to place the region at the forefront of successful ideas and new developments.

Immigration from all parts of the world will drive new ideas and product development.


2018-2019 EDITION 57


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2018-2019 EDITION 59

CONTACT DETAILS

MIAMI RETAIL TEAMGREG MASINSenior Director+1 305 533 2857 [email protected]

FRANK BEGROWICZDirector+1 305 533 2874 [email protected]

ANDREA VIGILSenior Associate+1 305 533 [email protected]

RESEARCHCHRIS OWENDirector, Florida Research+1 407 541 [email protected]

CUSHMAN & WAKEFIELD MIAMI333 SE 2nd Avenue, Suite 3900Miami, FL 33131 | USA

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas

into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000

employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of

property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.

cushmanwakefield.com or follow @CushWake on Twitter.

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