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SOUTH FLORIDA MARKETFLASH
SOUTH FLORIDA RESTAURANT SPACE LOOKING MORE APPETIZING TO NEW-TO-MARKET CONCEPTS
FEBRUARY 4, 2021
South Florida restaurants, which had been below the U.S. average in recovery of seated diners during the summer season, have rebounded strongly. Now only 11% behind seated diners a year prior, they are significantly outpacing the nation. Establishments are taking advantage of year-round outdoor dining and eased regulations on restaurant capacity in Florida.

Due to these factors, national restaurant groups have begun to expand into the market. New York-based Major Food Group recently signed leases on four separate second-generation restaurant spaces in Miami and Miami Beach.

The availability of second-generation space is providing a lower than normal barrier to entry for new-to-market operators. Restaurateurs taking such space can skip steps within the permitting process, opening their locations sooner than the typical process for new space would allow. This proved true in the example of Carbone, the beloved NYC restaurant which opened a new Miami Beach location within three months of signing their lease on the 7,500 sq. ft. space formerly occupied by Upland.

South Florida continues to experience a sudden boom of interest from around the country. Single-family home purchasing is up 38% year-over-year, apartment vacancy remains relatively stable (within about 100 basis points of the 30-year average), and the region continues to recover jobs even as the U.S. continues to shed jobs. It all combines to create an intriguing climate within the local restaurant industry.
Figure 1: Year-Over-Year Comparison of Seated Diners by %*

*A 7-day average was used.

Source: OpenTable, CBRE Research
Contacts
Brandon Isner
Leader of Market Research & Insights
CBRE Research | Florida
+1 305 381 6407
brandon.isner@cbre.com

 
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