The first thing most investors ask me is what cap rates are doing. So here's what I'm seeing in Miami-Dade and Broward plazas as we head into Q1 2027.
As of Q2, the average retail cap rate was 5.8% in Miami-Dade and 6.2% in Broward. For plazas specifically, Cushman & Wakefield puts neighborhood and strip centers at roughly 6.0% and 5.8% in Miami-Dade, and roughly 6.4% and 6.0% in Broward.
Buyers are still paying up. The average retail sale was $385/SF in Miami-Dade and $337/SF in Broward, and the two counties traded about $928M combined in the first half.
Space is still tight too. Neighborhood centers are 3.7% vacant in Miami-Dade and 5.1% in Broward. Strip centers are 3.9% and 5.2%.
On rents, Miami-Dade neighborhood centers are asking about $45 full service and Broward about $35 NNN. Those are different bases, so don't line them up one to one.
Now the honest part. Neighborhood centers gave back space in the first half in both counties, and Broward had its slowest first half of leasing in 10 years. Not every center is winning.
My take: Broward gets you more yield and Miami-Dade gets you tighter occupancy. Either way, I'd stick with well located, grocery anchored centers with a good tenant mix, and underwrite each property on its own, not on the county average.
If you're looking for your next deal, I have on and off-market retail and industrial opportunities from $4M to $58M. Call 312-405-5400 or email sales@igorpresman.com.
Sources: Cushman & Wakefield and Lee & Associates Q2 2026, U.S. Census, Greater Miami CVB, Visit Lauderdale.
Igor Presman
Commercial Broker · Trybal Group
