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Delray is booming, and we're breaking down the key trends investors need to know for 2025. From record-low vacancies to a new "flight to quality," find out why this coastal city is a top-tier market for investment.
Summary:
Bass Pro Shops has acquired the Cheeca Lodge & Spa in Islamorada, Florida, a 27-acre, 254-room luxury hospitality location situated on the Overseas Highway between Key Largo and Key West, with JLL handling the transaction between Northwood Investors and Bass Pro Shops. Bass Pro Shops agreed to pay more than $300 million for the historic property, which opened in 1946 and has hosted legendary figures including former Presidents George H.W. Bush and Harry Truman, author Ernest Hemingway, and baseball Hall of Famer Ted Williams. Northwood Hospitality will continue to operate the resort, which has been expanded over the past 15 years with 43 premium oceanfront suites, 11 luxury casitas, a 10,000 square foot conference center, three restaurants, a Jack Nicklaus-designed 9-hole golf course, and a 525-foot fishing pier. Bass Pro Shops' acquisition reinforces the company's commitment to nature-based hospitality while uniting Cheeca Lodge with the nearby World Wide Sportsman Store & Marina to create a seaside adventure destination in the heart of the Florida Keys.
Only 64.2 million square feet of new retail space was under construction nationwide during the first quarter of 2026, a decline of roughly 8% from 70 million square feet in Q1 2025 and well below the 10-year average of 90 million square feet, according to CoStar Group data. The pullback in construction reflects a difficult development environment as sharp rises in land prices, construction costs, and interest rates over recent years have pushed required rents well above prevailing market levels for many retail formats. Beyond cost pressures, developers remain cautious following years of heightened supply risk awareness, while competition for sites from higher-density residential, industrial, and mixed-use projects further constrains retail development opportunities, particularly in infill locations. Despite tight construction pipelines, retail transaction volume reached $15.3 billion in Q1 2026, up 5% year-over-year, with national vacancy at 4.4% and institutional investors expanding allocations to the sector as retailers favor measured, capital-disciplined expansion strategies.
The average viral trend on TikTok lasts just five to 10 days before attention shifts, and with 42% of Gen Z consumers in the U.S. discovering new products on TikTok, brands need to move much faster than the traditional six to 24 month product-to-shelf timeline. TikTok has become a powerful launchpad for products with over 1.04 billion active monthly users, putting retail cycles into overdrive as brands capitalize on the platform's ability to spark viral moments and drive high demand. Examples include chef influencer Tineke Younger's viral mac and cheese recipe leading to a Nestlé Carnation collaboration for limited-edition Kickin' Jalapeño Flavored Evaporated Milk, and the infamous "Labubu" dolls generating 1.4 million-plus TikTok posts leading to chaotic scenes in UK stores. Gen Z-focused brands like Halara, Edikted, and Cider are testing physical retail through pop-up stores to create immersive brand experiences and translate TikTok buzz into real-world engagement using temporary store formats with flexible fixture setups and trend-responsive visuals.