The stores are pricey, but so is the rent. In a study a new study from Cushman & Wakefield, Lincoln Road was the fifth most expensive retail location in the Americas and the most expensive in Florida, according to Curbed Miami.
The Miami Beach hotspot saw a slight dip in retail rent prices, from $325 per square foot last year to $300 per square foot in 2017. Still, when considering North America, Central America, and South America, the busy shopping street ranked No. 5 on a top 20 list. Worth Avenue in Palm Beach also made the list, ranking eighth with costs of $125 per square foot.
Although Lincoln Road has the most expensive retail rent in Florida, it’s significantly more affordable than Upper 5th Avenue in New York City. That street ranked first in the report with rent at $3,000 per square foot. Rodeo Drive in Beverly Hills, San Francisco’s Union Square, and Chicago’s North Michigan Avenue round out the top four.
Despite high rent prices, the area is in demand. Just off Lincoln Road is the upcoming Lincoln Eatery, a food hall on Lincoln Lane that will feature a rooftop deck. Nearby on Washington Avenue, a mixed-use space with 13,000 square feet of retail space is in the works.