As a prime location for national and international fashion retailers, Lincoln Road retail rents have risen between 20% and 30% over the past year, reaching up to $140 per sf for prime spaces, according to Luis Pantin, brokerage coordinator with Cushman & Wakefield's Miami office. Rents there started the year in the $80 to $110-per-sf range. Additionally, vacancy rates on Lincoln Road ended the year at less than 1%.

Retail brokers in Miami compare the atmosphere of Lincoln Road—a heavily traveled pedestrian any time of year, in almost any climate—to New York's Madison Avenue. Tenants consider the corridor a prime opportunity for branding as well as a popular shopping destination.

"The corridor has exploded in the last five years in terms of rental rates," says Drew A. Kristol, associate member of the Marcus & Millichap national retail group in Miami.Rents on Lincoln Road now rank the street among the top ten most-expensive retail venues in the United States, according to a Cushman & Wakefield year-end report. One of the top deals recently closed involved prime retail property at 1024-1026 Lincoln Road that sold for slightly over $1,600 per sf.