At first glance, Miami-Dade’s market may seem to be slowing down. Current vacancy rates sit at 7.6% in Q3 2026, up from 6.5% a year ago, while market rent holds at $21.06 per square foot. This simply means that this quarter, there is more available space than there was a year ago, and rents are increasing more slowly. However, tenants are still signing leases, and newer buildings are staying full.
Here is what changed, how the submarkets compare, and what it means whether you lease, own, or invest.
What the Q3 2026 data shows
Here’s the main data you should know from Q3 2026:
- Vacancy rate: 7.6%
- Market rent: $21.06 per SF
- Rent growth: 0.9%
- Net absorption, last 12 months: 612,000 SF
- Under construction: 2.5 million SF
- Market sale price: $281 per SF
There are two key terms worth mentioning in this report: vacancy and net absorption.
Vacancy is the space that’s currently empty and available. Net absorption is how much space tenants occupied minus how much they gave back, so a positive number means more space was filled than freed up.
Why is Miami-Dade industrial vacancy rising?
Yes, the vacancy went up. However, that isn’t automatically bad news for the market.
How much new supply is coming?
The number of new supply comes down to new buildings. In this case, about 2.5 million SF of industrial space is currently under construction. In Agora Real Estate Group’s report, you’ll see the numbers tie the shift to that new supply.
What this means is that more space is competing for the same tenants; therefore, vacancy increases. That’s what happened this year: 6.5% a year ago, 7.6% now.
Is demand still healthy?
Demand has softened, which is very different from unhealthy.
Over the last ten years, Miami-Dade County has absorbed 28.9 million SF, and newer buildings remain about 93% leased. Sales have a similar story. Volume is holding at around $1.9 billion a year. When you put it all together, you get a market that’s rebalancing, not slowed.
Rents and vacancy by submarket
The county average hides a lot. A building in Hialeah and one in Airport West are in very different markets. Here are the five notable submarkets in our report:
- Miami Airport West: 1,205 buildings, 51.6M SF of inventory, market rent of $23.55 per SF, 11.0% vacancy, and 239K SF under construction
- Miami Airport East: 533 buildings, 24.7M SF of inventory, market rent of $21.53 per SF, 8.2% vacancy, and 139K SF under construction
- North Miami Beach: 1,136 buildings, 45.0M SF of inventory, market rent of $18.67 per SF, 7.7% vacancy, and 1.08M SF under construction
- Medley: 997 buildings, 42.2M SF of inventory, market rent of $19.60 per SF, 9.3% vacancy, and 489K SF under construction
- Hialeah: 1,685 buildings, 31.4M SF of inventory, market rent of $16.12 per SF, 6.4% vacancy, and 69K SF under construction
Miami Airport West has the highest market rent this quarter, $23.55 per SF, and the highest vacancy too, at 11.0%. Hialeah is the opposite: $16.12 per SF and 6.4% vacancy. North Miami Beach stands out for what’s being built, with about 1.08 million SF under construction. Medley lands in the middle on both, at $19.60 per SF and 9.3% vacancy.
Want a closer look at each area? Our submarket guides cover them.
What does this mean for tenants, landlords, and investors?
Know what the recent data for the Miami industrial market could mean for you.
Tenants
Vacancy went from 6.5% to 7.6%. Rent growth is down to 0.9%. For a tenant, this actually means you have options. More buildings to compare and less pressure from rising rents than a year ago.
Our advice is, don’t take the first space that fits. Now that you know recent data reflects a higher number of options for you, make sure to look at a few, and read how the lease terms are structured before you sign a letter of intent.
You can see Agora’s featured properties here.
Landlords
New supply means more competition for every tenant. Still, newer properties are about 93% leased, so space that’s well located and well presented does fill.
This means that if you own space that’s sitting empty, it’s essential to remember that price and condition now weigh more in how fast it leases.
Investors
About $1.9 billion in industrial sales a year, and a market sale price of $281 per SF. Those are useful reference points. But one building isn’t the county average. Submarket, tenant, and condition can change its value a lot, and a property valuation should look at those details.
You can also read: How to Sell an Industrial Property in Doral, FL
What is the outlook through year-end?
Agora Real Estate Group’s report expects vacancy to hold near 7.6% through the end of the year. The broader economy supports demand: Miami’s real GDP grew 3.3% over the past year, unemployment is 2.7%, and PortMiami and Miami International Airport keep the county a major logistics and trade gateway for South Florida and Latin America.
Miami industrial market FAQ
What is the industrial vacancy rate in Miami-Dade in Q3 2026?
It is 7.6%, up from 6.5% a year ago. We expect it to stay this way throughout the end of this year.
What is the average market rent for industrial space in Miami?
Market rent is $21.06 per SF in Q3 2026. Across the five submarkets we track, it ranges from $16.12 per SF in Hialeah to $23.55 per SF in Miami Airport West.
Is industrial rent still growing in Miami?
Yes, but slowly. Rent growth has moderated to 0.9%. Additionally, about 2.5 million SF of industrial space is under construction.
Ready to see what these numbers mean for you?
If you want the full data behind this article, read our Q3 2026 market report. And if you would rather talk it through, contact us. We will help you work out which submarket fits your business and what the Q3 data means for your next move in industrial real estate.