CREW Miami’s (Commercial Real Estate Women Miami) March Lunch Program, “Retail Renaissance: What Makes the South Florida Retail Market So Strong?” was attended by over 75 people. The event took place on Wednesday, March 15th at the Mayfair House Hotel & Garden. The guest speakers were Stephen Bittel, Founder and Chairman of Terranova Corporation; Michael Comras, President and CEO of The Comras Company; and Rafael Romero, Senior Vice President, of JLL. CREW Miami’s President-Elect, Holly Cohen served as moderator. Cohen is the Founder of Holly Cohen Retail Advisory Services.
Cohen opened the program by asking the panelists to introduce themselves. Each panelist then offered their own response to the question: “What is the state of the South Florida retail market given the often-cited retail apocalypse and the strategies implemented since Covid?”
“To me the apocalypse was a moment in time. It was more of an evolution and how retail re-engaged their customers,” commented Comras. “For example, smart restauranteurs saw the opportunity here with the migration. The saying that if you can vent it you can rent it couldn’t have been truer.”
Comras also remarked that service businesses, healthcare, and pet care are examples of businesses that have grown.
“Today retail vacancies are about 3.1% here in South Florida and nationally it’s at 4.1%,“ said Romero. “Sure, we are seeing spaces that are coming back, but they’re being absorbed at record pace.”
Romero also remarked that rent growth has been about 7.2% in Miami, although the highest growth market is in the Tampa/Fort Myers which is about 8.1%. He stated, “Wynwood has an 8% vacancy rate, but Kendall and Coral Gables have sub one vacancy rates.”
Bittel answered: “Positive population growth almost always cures real estate mistakes. The income levels of the people who have moved down here have outstripped everything that we’ve experienced in the past.”
Expanding on Romero’s comment, Bittel stated that the bigger boxes are going to be the problems. He continued, “Aventura Mall and Boca Town Center are doing great, and Dadeland is doing pretty well. Everyone else is suffering and the mall owners are masking vacancy by keeping people in a percentage rent only.”
The panelists also spoke about strategies implemented to continue attracting renters.
Visit CREW Miami’s Facebook Page to watch a portion of the discussion.
A Look Ahead
Cannabis and Commercial Real Estate Lunch Program
Wednesday, April 19 from 11:30 am – 1:30 pm
Mayfair House Hotel & Garden
High Tea Fundraiser
Friday, May 12 from 3:00 – 7:00 pm
East Hotel Miami
Proceeds will go towards scholarships for women and girls in Miami-Dade County who are pursuing undergraduate or graduate degrees in a commercial real estate related field.
Both events are open to members and non-members. To learn more about CREW Miami, scholarships. and sponsorship opportunities, visit CREWMiami.org.
About CREW Miami
CREW Miami is the premier business network dedicated to advancing all women in commercial real estate through business networking, industry research, leadership development and career outreach. Our members are more than 12,000 professionals in 75+ markets worldwide and represent all disciplines of commercial real estate. Members enjoy unparalleled business networking and deal-making opportunities locally through chapter events and globally through CREW Network.
To join and learn about events and benefits, visit CREWMiami.org and follow @CREWMiami.
