WYNWOOD (March 18, 2022) – Miami’s retail market continues to experience tremendous growth as The Gateway at Wynwood has signed a long-term lease with BoConcept, the first retail tenant announced for the building. BoConcept will occupy 3,000 square feet of ground-floor retail space at the newly opened office building. The premium Danish retail furniture chain has more than 300 stores in over 65 countries around the world, and this will be the company’s fifth store in South Florida.

CBRE’s Alex Cesar, First Vice President of Retail Advisory and Transaction Services, represented The Gateway at Wynwood in the transaction. CBRE’s Drew Schaul, Senior Vice President of Advisory and Transaction Services, represented BoConcept.

“BoConcept is a fantastic addition to The Gateway at Wynwood’s ground-floor retail space,” Shelby Rosenberg, R&B Realty’s Head of Development and Acquisitions, Asset and Property Manager, US Portfolio. “The Gateway at Wynwood provides an outstanding retail location with visibility at the intersection of Midtown Miami and Wynwood neighborhoods. We expect to make more exciting announcements soon as we continue to see an increase in interest from retail tenants who want to be in Miami’s trendiest neighborhood.”

BoConcept ​​designs, produces and sells contemporary furniture, accessories and lighting for living, dining, sleeping, home-office and outdoor spaces. They also offer a comprehensive in-home or store interior design service to help customers create a personal home. The store is expected to open in Fall 2022.

“The Gateway at Wynwood is an ideal setting for a BoConcept store”, said Steen Knigge, director of U.S. marketing for BoConcept. “This fifth BoConcept location in Miami officially puts BoConcept at the pinnacle of progressive, urban furniture design in Florida. This store is in a prominent position to not only introduce the Danish design concept of home comfort and coziness known as “hygge” to many more people from around the world, but, more importantly, to reinforce BoConcept’s global commitment to creating modern design elements that elevate interior spaces to achieve their true potential.” 

This transaction is representative of what is happening in the Miami-Dade County retail market. This sector has successfully re-established stability two years into the pandemic and saw improvements throughout 2021 with positive net absorption, manageable new supply, increasing asking rental rates and a decreasing vacancy rate each quarter, according to the Colliers’ Q4 retail market report. Overall vacancy decreased to 3.7% in the fourth quarter and asking rates significantly increased.