Miami Industrial Real Estate Market Reports and Market Statistics
Market Report Q4 2020
The Miami industrial market’s Q4 and yearly 2020 vacancy rate was 5% at the close of the quarter with a $12.80 per sq. ft. average (gross) lease rate, up only to $12.82 for the year. Vacancies have risen slightly higher due to the increase in supply of space for lease coming from all the new construction, reaching a seven-year high in Q3 of 2020.
The Miami industrial market’s Q3 2020 vacancy rate was 6% at the close of the quarter with a $12.62 per
sq. ft. average (gross) lease rate. Vacancies have risen slightly higher due to effects of the coronavirus pandemic,
which has caused market uncertainty and pushed decision makers into a holding pattern, making many tenants hesitant to sign substantial leases well ahead of expiration.
The Miami industrial market’s Q2 2020 vacancy rate was at 5.3% with a $12.55 per sq. ft. average (gross) asking lease rate. Vacancies have remained below the national average for the past five years. Deliveries have totaled 4.4 million sq. ft. over the past 12 months.
The Miami industrial market starts Q1 2020 with a 4.7% vacancy rate and $12.53 per SF average (gross) lease rate. There was 1.4 million SF of positive absorption over the past 12 months, with deliveries totaling 3.7 million SF in the same time.
The Miami industrial market ends Q4 2019 with a 4.2% vacancy rate and $12.40 per sq. ft. average (gross) lease rate. There was 1.4 million sq. ft. of positive absorption over the past 12 months, with deliveries totaling 2.7 million sq. ft. in the same time. There is over 4 million sq. ft. of new construction in the works, which is 1.7% relative to inventory and slightly below the national average.
The industrial market in Miami continues its strong performance in the third quarter of 2018. The absorption for this quarter was similar to that of 2Q, net space absorbed was 1,383,043Sq.Ft. Just a little below the 1,470,070 Sq.Ft. in 2Q 2018but much higher than the 174,347Sq.Ft. in 3Q 2017.
This was another strong quarter for leasing and sales of industrial buildings in Miami. Second quarter 2018 saw an astonishing net absorption of 1,470,070 Sq.Ft. This is a huge increase compared to only 10,422 Sq. Ft. in the 1Q 2018 and 90,992 Sq.F.t in the 2Q 2017.
Lease and sales of industrial space in Miami continued to be strong; although net absorption declined from the last quarters. First quarter 2018 saw a net absorption of only, 10,422 Sq.Ft. This compared to 373,017 Sq. Ft. in the 4Q 2017 and 602,988 Sq. F.t in the 1Q 2017.