Miami Is A Hotspot For Retail Development

Miami is one of the top nations in the country for retail development, according to a report from Marcus & Millichap. The firm’s second quarter 2021 outlook report forecasts nearly 1.5 million square feet of retail space will deliver into the market this year, the highest level since 2017. Mall redevelopment and mixed-use projects are driving the development activity, and much of it wrapped up in three projects. One of the largest projects in the market is the Miami Worldcenter, a mixed-use development with residential hospitality and 300,000 square feet of retail space. In Miami Beach, Bal Harbour Shops is adding 350,000 square feet, which is scheduled for completion in 2023. Finally, the Aventura Mall is in the middle of a 215,000-square-foot expansion, which is expected to hit the market later this year. Read more at Globe St.