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Q1 2026 Miami Dade County, FL

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Industrial Market Overview

Miami’s industrial market has softened in Q1 2026, with -1.3 million SF of net absorption and vacancy rising to 7.6% (up from 6.2% a year ago), while rent growth has slowed to 0.8%. However, demand for newer buildings remains solid, with 2.6 million SF absorbed in 2025 and modern assets 96% leased. Limited land and 4.2 million SF under construction continue to constrain supply. Miami’s role as a logistics hub for 6.1 million residents, along with strong trade infrastructure, supports long-term fundamentals, while sales volume remains elevated at $1.8 billion. Buyers, like Terreno Realty and Prologis, have all closed acquisitions over $25 mil in 2025.

Market indicators

Miami industrial market vacancy rate indicator

Vacancy Rate

7.6% ▲

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

12 Mo Net Absorption SF

-1.3M ▲

Industrial properties under construction square footage icon

Under Construction SF

4.2M ▲

Industrial market rent NNN per square foot indicator

Market Rent Price NNN / PSF

$20.84 ▼

Industrial property sale price per square foot icon

Market Sale Price / PSF

$21 ▼

Total industrial inventory square footage across Miami submarkets

Total Inventory SF

282M ▲

Market indicators

Miami is a globally connected metro of 2.85 million residents with a diverse economy. GDP grew 3.3% (5th among large U.S. metros), employment rose 1.3%, and unemployment is low at 2.7% vs. 4.3% nationally. Population has increased 6.1% over five years, nearly double the U.S. pace, though growth slowed in 2025. Strong logistics, finance, tech, healthcare, and tourism sectors, supported by PortMiami and Miami International Airport, continue to drive long-term growth.
Demographic Overview
Demographic Category Metro US
Population 2,853,031 342,253,500
Households Median 1,012,362 134,205,766
Households Income $78,828 $84,532
Labor Force 1,441,445 170,979,109
Unemployment 2.8% 4.5%

Notable Submarkets - Statistical Data

Notable Submarkets - Statistical Data
Bldgs SF (000) Market % Under Construction SF (000) Market Rent NNN / PSF Vacancy %
Miami Airport West 1,204 50,468 17.9% 1,554 $23.35 7.9%
Miami Airport East 536 24,012 8.5% 279 $21.42 8.8%
N. Miami Beach 1,138 45,120 16.0% 1,081 $18.45 11.5%
Medley 994 41,776 14.8% 364 $19.37 9.3%
Hialeah 1,684 31,503 11.2% - $15.90 5.0%
Notable Lease Transactions
Notable Lease Transactions Size SF Tenant Deal Type
21451 NW 47th Ave 794,230 Pepsi Co New Lease
4295 W 88th St 216,307 Del Valle Brands New Lease
12430 NW 25th St 193,103 DSV Renewal
Notable Sales Transactions
Notable Sales Transactions Size SF Buyer Sale Price
2365 Ali Baba Ave 22,982 on 4.15AC Ambient Capital Partners 11MIL (479 PSF)
9315 NW 112th Ave 49,180 IAG Aero Group 16.4MIL (332 PSF)
8451 NW 66th St 22,272 Laurent Groll 6.05MIL (272 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.