Miami’s industrial market comprises approximately 285 million SF, supported by its role as a major logistics and trade gateway for South Florida and Latin America. Key corridors include the airport, Medley, Hialeah, and Miami Lakes, with demand led by logistics, distribution, cold storage, construction, and light manufacturing.
Market conditions are normalizing as new supply increases. Vacancy stands at 7.6%, up from 6.5% a year ago while rent growth has moderated to 0.9%. Despite softer demand, 28.9 million SF has been absorbed over the past decade, while newer properties remain approximately 93% leased. Industrial sales volume remains strong at approximately $1.9 billion annually, with vacancy expected to remain around 7.6% through year-end.
