The popular South Beach shopping and dining destination has experienced a slight dip in rental prices year over year, dropping from $325 per square foot to $300 per square foot. However, when comparing the most expensive retail corridors in each city in North America, Central America, and South America, it ranks No. 5.
Upper 5th Avenue in New York City ($3,000 per square foot) paces the list, followed by Rodeo Drive in Beverly Hills, Union Square in San Francisco, and North Michigan Avenue in Chicago. Palm Beach’s Worth Avenue ranks eighth at $125 per square foot (down $5 year over year).
Meanwhile, the area surrounding Miami’s most expensive retail street is also on the cusp of undergoing some changes. A new food hall called the Lincoln Eatery is expected to debut in the near future while new residences are planned for a block away on Washington. There’s also a mixed-use project in the works across the street from the movie theater.