Using Publix-Anchored centers as a control group, base rental rates across Florida’s major markets are now at a twenty-year high. Just prior to the Great Financial Crisis, base rents topped off at the $21-28 rate, depending on the market.
By 2017-2018, all four major markets surpassed their previous highs ‒ and the numbers have only increased since. Over the last seven years retail property rents have risen by 3-4% annually, significantly exceeding the overall rate of inflation or CPI. By 2023, we project base rental rates to range from $28-36 depending on the market.