Over the past year, Miami’s industrial net absorption dropped to -210,000 SF, well below the pre-pandemic average of 3.1 million SF, as major tenants vacated large spaces, pushing the vacancy rate from 2.0% in 2022 to 5.3% by Q4 2024. Despite the slowdown, vacancy rates remain below the U.S. average, with limited available space driving demand. Modern logistics properties are 96% leased, enabling landlords to raise rents by 32.5% over the past three years, though rent growth has slowed to 2.8%. Geographic constraints like the Everglades help keep vacancy rates low, supporting future rent growth by 2025–2026. Miami’s industrial market remains vital for logistics, bolstered by Miami International Airport and the Port of Miami. Sales activity slowed in 2023 due to rising interest rates but picked up in late 2023 with major acquisitions by prominent buyers.
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