Florida cities dominate the listing of high retail funding metros in 2023, based on a brand new report from Crexi.
Miami tops the listing, whereas West Palm Seashore is available in #3 — and the Sunshine State locales of Fort Lauderdale and Tampa/St. Petersburg additionally place within the high 10.
Miami nabbed the highest spot with an general emptiness fee of simply 3.1%, based on Cushman & Wakefield knowledge, whereas on Crexi, common asking costs for Miami retail jumped by over 20% yearly yr over yr in 2022. Gross asking rents averaged $37.35 per sq. foot per yr and absorption clocked in at 86,892 sq. toes by way of Q3 2022.
It was adopted by Nashville, with an general emptiness fee of simply 3.3% and a 2022 median closed worth of retail transactions of $386 per sq. foot, up from $346 in 2021. Simply shy of 240,000 sq. toes of retail area was absorbed by new companies in 2022, with 105,523 sq. toes of latest building underway.
At #3, West Palm Seashore boasts a retail stock of 38,307,626 sq. toes of area, with an general emptiness fee of 4.6% and $261 million closed in 2022, per Crexi knowledge. Quantity 4 Charleston has a retail emptiness fee of 5.5% and $477 million transacted in 2022. with third quarter absorption clocking in at 115,570 sq. toes. Asking rents are averaging $20.21 per sq. foot at full-service gross.
Austin rounds out the highest 5, with a low unemployment fee and job progress in extra of three%. And whereas the price of residing in Austin “is greater than the nationwide common, town’s excessive median earnings offsets this,” based on Crexi. “Austin is house to many massive firms, together with Apple, Amazon, Fb, Google, IBM, and Dell. The town additionally has a thriving startup scene and is thought for its dwell music and nightlife.” Retail emptiness there I 4.6% and common asking rents are up 11.3% in 2022 yr over yr.
Greenville, San Antonio, Des Moines, Fort Lauderdale, and Tampa/St. Petersburg spherical out the highest 10 on Crexi’s rating.
