Miami’s industrial market has softened, with 428,000 SF of negative net absorption as tenants leave older buildings. Vacancy has risen from 2.0% in 2022 to 6.6%, still below the U.S. average, while demand for newer space remains strong but slowing. Rent growth has moderated to 1.4% annually after strong gains in prior years, with further deceleration expected in 2026.
Long-term supply constraints, a strong logistics infrastructure, and international trade ties continue to support the market. Investment activity remains healthy, with $1.9 billion in sales last year and continued interest from major institutional buyers.
