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Q2 2024 Miami Dade County, FL

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Industrial Market Overview

Miami’s industrial real estate market has experienced a significant slowdown in net absorption, with vacancies rising from a low of 2.0% in 2022 to 4.4% in the second quarter of 2024, driven by the departure of major transportation tenants. Despite limited availability and continued rent growth, the market faces moderating demand and rising vacancies due to higher interest rates. However, Miami’s position as a critical logistics hub and the constraints on new development have kept vacancies well below the national average, suggesting that rent growth is likely to reaccelerate in 2025-2026 as fewer new projects are completed. Sales volume has returned to pre-pandemic levels, with major buyers continuing to acquire properties in the market.

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Market indicators

Miami industrial market vacancy rate indicator

Vacancy Rate

4.4% ▲

Icon representing an individual industrial submarket area in Miami commercial real estate

12 Mo Net Absorption SF

2M ▲

Industrial properties under construction square footage icon

Under Construction SF

6.4M ▼

Industrial market rent NNN per square foot indicator

Market Rent Price NNN / PSF

$20.40 ▲

Industrial property sale price per square foot icon

Market Sale Price / PSF

$260 ▲

Total industrial inventory square footage across Miami submarkets

Total Inventory SF

277M ▲

Market indicators

Miami-Dade County has experienced a slowdown in population growth due to a decline in international migration and rising cost of living, leading to domestic out-migration. However, the county has attracted a significant influx of high-net-worth individuals, particularly from the Northeast, driving rapid home price appreciation. This has resulted in strong income growth and retail sales, though recent months have seen a slowdown due to inflation and higher interest rates. Despite the challenges, Miami’s economy has continued to recover, with the job market outpacing the national average, particularly in office-using sectors, which have exceeded pre-pandemic trends.
Demographic Overview
Demographic Category Metro US
Population 2,705,553 336,179,375
Households 997,658 131,337,766
Median Households Income $70,228 $77,408
Labor Force 1,392,258 167,824,938
Unemployment 1.7% 3.8%

Notable Submarkets - Statistical Data

Notable Submarkets - Statistical Data
Bldgs SF (000) Market % Under Construction SF (000) Market Rent NNN / PSF Vacancy %
Miami Airport West 1,189 48,563 17.6% 1,241 $23.11 5.4%
Miami Airport East 532 22,489 8.2% - $21.05 2.3%
N. Miami Beach 1,132 44,172 16.0% 1,718 $18.08 6.9%
Medley 989 41,345 15.0% 445 $18.99 3.7%
Hialeah 1,676 31,621 11.5% - $15.05 3.9%
Notable Lease Transactions
Notable Lease Transactions Size SF Tenant Deal Type
11130 NW 122nd St, Medley, FL 80,174 Runway Logistics New Lease
3380 NW 114th St, N. Miami Beach, FL 70,825 Packaging Corp of America New Lease
1900 NW 129th Ave, Doral, FL 59,649 TireHub New Lease
Notable Sales Transactions
Notable Sales Transactions Size SF Buyer Sale Price
15801 NW 49th Ave, Miami, FL 133,914 Undisclosed $25,500,000 ($190 PSF)
3201 NW 116th St, Miami, FL 77,430 RBA/Bridge Investment Group $11,700,000 ($151 PSF)
2185 W 76th St, Hialeah, FL 49,627 Sunshine Gasoline Distributors $18,300,000 ($369 PSF)

Source: Costar.com. The information contained within this report is believed to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.