Optimism Abounds: Floridas Top Markets See Robust Demand For Retail Space
Participants across Floridas retail scene are bullish on the growth prospects in the states top markets as tenant demand remains robust for new and second-generation space. More than two years removed from the onset of the COVID-19 pandemic, sources say the state has fully rebounded and is even somewhat insulated from the worst effects of the public health crisis.
Part of that insulation stems from a strong surge in employment as the state proved an attractive destination for corporate expansions, particularly in South Florida. Recent examples include Citadel, a $51 billion hedge fund founded by Ken Griffin, moving its global headquarters from Chicago to Miami Amazon leasing office space in Coral Gables and Thoma Bravo, a private equity firm focused on the software industry, taking the top two floors of the upcoming 830 Brickell office tower in Miamis Brickell district. Microsoft and international law firm Sidley Austin are combining to occupy 110,000 square feet at 830 Brickell as well.
According to the U.S. Bureau of Labor Statistics , Floridas unemployment rate was at 2.8 percent in June, a 70-basis-point improvement from January. The states total nonfarm employment rose 5.1 percent year-over-year in June as well, with strong gains in the leisure and hospitality, manufacturing and professional and business services sectors.
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