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Q2 2025 Miami Dade County, FL

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Industrial Market Overview

Miami’s industrial market is facing a slowdown. Net absorption is negative, and the vacancy rate has risen to 6.1% by Q2 2025 as large tenants leave. While significant construction is underway, modern logistics space remains scarce.

Rents, which surged 25.4% in three years, are now moderating, with annual gains at 2.5%. This reflects cooling tenant demand. Miami remains a key logistics hub due to its population and international trade. Limited development due to the Everglades means vacancies should stay relatively low, potentially reaccelerating rent growth in 2026. Despite higher interest rates, major buyers are still making large acquisitions.

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Market indicators

Miami industrial market vacancy rate indicator

Vacancy Rate

6.1% ▲

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

12 Mo Net Absorption SF

-2.4M ▲

Industrial properties under construction square footage icon

Under Construction SF

5.3M ▲

Industrial market rent NNN per square foot indicator

Market Rent Price NNN / PSF

$20.93 ▲

Industrial property sale price per square foot icon

Market Sale Price / PSF

$239 ▲

Total industrial inventory square footage across Miami submarkets

Total Inventory SF

278M ▲

Market indicators

Between 2020 and 2022, Miami-Dade saw a $9.5 billion wealth influx, driven by migration from wealthier regions and strong job growth. This boosted spending but also caused housing costs to soar—home prices rose over 60% and rents climbed sharply. As of 2025, inflation is easing, and real wages are improving, but the cost of living remains high, pushing many low-income residents to relocate. Affordable housing is in short supply, with 116,000 units needed by 2030. Most new construction has focused on luxury units. Despite these challenges, Miami continues to attract high-income firms like Apple and JPMorgan, though at a slower pace.
Demographic Overview
Demographic Category Metro US
Population 2,856,571 341,744,594
Households 1,051,131 134,335,344
Median Households $73,374 $80,962
Income 1,420,153 170,594,719
Labor Force Unemployment 2.4% 4.1%

Notable Submarkets - Statistical Data

Notable Submarkets - Statistical Data
Bldgs SF (000) Market % Under Construction SF (000) Market Rent NNN / PSF Vacancy %
Miami Airport West 1,208 48,763 17.6% 2,647 $23.56 6.0%
Miami Airport East 537 22,704 8.2% - $21.52 4.8%
N. Miami Beach 1,138 44,111 15.9% 1,094 $18.55 7.7%
Medley 995 41,809 15.1% 562 $19.47 7.7%
Hialeah 1,688 31,831 11.5% - $15.60 4.5%
Notable Lease Transactions
Notable Lease Transactions Size SF Tenant Deal Type
7400 NW 79th Ave, Miami, FL 147,278 CEVA New Lease
11380 NW 34th St, Doral, FL 85,008 Suvi Global Services New Lease
8505 NW 74th St, Miami, FL 80,000 Iron Container Renewal
Notable Sales Transactions
Notable Sales Transactions Size SF Buyer Sale Price
2900 NW 75th St, Miami, FL 197,640 Envision Cold $47,250,000 (239 PSF)
7212-7282 NW 33rd St, Doral, FL 131,259 East Capital Partners $90,250,000 (242 PSF)
8505 NW 74th St, Miami, FL 80,000 + 4 AC Land Simi Capital Group $31,050,000 (387 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.