ORLANDO—The dust is settling on the ICSC Florida Conference & Deal Making event in Orlando and commercial real estate brokers are bullish on what they saw and heard. The retail conference shined a light on a sizzling state that's got the retailers' attention.

"Florida is a very important economic engine for the U.S. and for our industry," says Naveen Jaggi, president of American retail brokerage services for JLL, who delivered the conference's Florida Retail Report on Monday. “And in 2014, it exceeded New York as the country's third most populous state.”

While nearly all of Florida retail has stabilized in occupancies and rents, South Florida remains the star. Vacancy rates here have dropped to a miniscule 3.3% in Miami.