A fitness tenant leased the most retail space in Miami in late 2019. The mall isn’t open yet
Gyms are occupying a larger footprint in the local retail market.
A 36,257-square-foot space leased by California-based 24 Hour Fitness was the region’s largest in the fourth quarter of 2019, according to a report by the Dadeland-based commercial real estate firm MMG Equity Partners. The space is in the Terra development Doral Square, set to open in 2021 at the intersection of Northwest 36th Street and Northwest 87th Avenue.
In January, Life Time Fitness announced it will open at 140,000-square-foot facility in 2022 at the site of the former Bloomingdales in The Falls.
MMG Equity Partners compiled a list of nearly 60 top retail leases signed in Broward, Miami-Dade and Palm Beach. The company ranked the largest leases by square feet from October through December.
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The top 10 retail leases in the fourth quarter were:
1. 36,257 square feet: 24 Hour Fitness at Doral Square
2. 23,474 square feet: dd’s at Palme Air Marketplace
3. 20,500 square feet: Marshalls at Doral Square
4. 20,500 square feet: World of Beer at Doral Square
5. 19,000 square feet: Ashley HomeStore at Arch Commerce Center
6. 18,100 square feet: Blink Fitness at Deerwood Town Center
7. 15,000 square feet: Tuesday Morning at Oakwood Plaza
8. 12,064 square feet: Elegant Beauty Supplies at Mall at 163rd Street
9. 11,285 square feet: Blink Fitness at Kendall Market Place
10. 10,920 square feet: Believer’s Faith Outreach Ministry at Inverrary Plaza West
Despite national woes, retail remains relative strong in South Florida as compare with the rest of the country. The retail vacancy in Miami is 6.4% compared to the national rate of 10%, according to Moody’s Analytics REIS research group. Shopping centers are expected to grow locally, driven in part by tenants focused on niches including fitness.
