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Q3 2024 Miami Dade County, FL

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Industrial Market Overview

Over the past 12 months, Miami’s industrial net absorption fell to 2.0 million SF, well below the pre-pandemic average of 3.1 million SF, as key tenants vacated large spaces, pushing the vacancy rate from 2.0% in 2022 to 4.8% by Q3 2024. Despite slowdown, vacancy rates remain lower than U.S. average, with limited available space. Miami’s logistics properties, around 85% leased, have allowed landlords to raise rents by 2.9%, though rent growth has cooled from the 17% peak in 2022. Geographic constraints, like Everglades, kept vacancy rates low, supporting future rent growth by 2025-2026. Miami remains a critical logistics hub, with MIA leading in international shipping and the Port of Miami ranking 11th nationally in container traffic. Property sales, which slowed in 2023 due to rising interest rates, saw major acquisitions in late 2023 by prominent buyers.

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Market indicators

Miami industrial market vacancy rate indicator

Vacancy Rate

4.8% ▲

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

12 Mo Net Absorption SF

1.9M ▼

Industrial properties under construction square footage icon

Under Construction SF

4M ▼

Industrial market rent NNN per square foot indicator

Market Rent Price NNN / PSF

$20.20 ▼

Industrial property sale price per square foot icon

Market Sale Price / PSF

$231 ▼

Total industrial inventory square footage across Miami submarkets

Total Inventory SF

279M ▲

Market indicators

Between 2020–22, Miami-Dade County gained over $9.5 billion in new wealth, primarily from high-income residents relocating. This influx, along with job growth in office-based industries, boosted retail sales but also drove up living costs. Housing prices surged over 70%, with rents rising significantly since 2020, contributing to elevated inflation in 2023. However, housing costs have begun to stabilize, with annual increases dropping to 5.8% by mid-2024. Despite this, the high cost of living has caused many lower-income residents to leave for more affordable regions. Miami still faces a significant affordable housing shortage, with an estimated need for 116,000 units by 2030. Meanwhile, the city continues to attract high-paying firms, maintaining the inflow of wealthier households.
Demographic Overview
Demographic Category Metro US
Population 2,712,845 336,749,188
Households 997,757 131,616,188
Median Households Income $70,971 $78,120
Labor Force 1,401,547 168,379,109
Unemployment 1.7% 3.9%

Notable Submarkets - Statistical Data

Notable Submarkets - Statistical Data
Bldgs SF (000) Market % Under Construction SF (000) Market Rent NNN / PSF Vacancy %
Miami Airport West 1,191 48,445 17.4% 371 $22.84 4.2%
Miami Airport East 534 22,587 8.1% - $20.66 3.3%
N. Miami Beach 1,134 44,126 15.9% 1,234 $17.85 7.1%
Medley 991 41,491 14.9% 506 $18.72 4.1%
Hialeah 1,677 31,703 11.4% - $14.94 4.0%
Notable Lease Transactions
Notable Lease Transactions Size SF Tenant Deal Type
11210 W 43rd Ave, Hialeah, FL 33018 161,787 Sentury Tire USA New Lease
7321 NW 75th St, Medley, FL 33166 119,008 Media Pro USA Renewal
11580 W 43rd Ave, Hialeah, FL 33018 105,196 Miami Int'l Freight Solutions New Lease
Notable Sales Transactions
Notable Sales Transactions Size SF Buyer Sale Price
4141 W 91st Place, Hialeah, FL 33018 232,620 Property Reserve $55,860,000 ($240 PSF)
3511 NW 91st Ave, Miami, FL 33172 158,268 Panattoni $29,900,000 ($189 PSF)
9950-9970 NW 89th Ave, Medley, FL 33178 113,936 Longpoint Realty Partners $27,020,000 ($237 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.