The Miami industrial market’s Q1 2024 vacancy rate held at 3.3%, with the availability rate hitting 6.5% at the close
of the quarter, and a $20.22 per sq. ft. average (gross) lease rate – one of the highest in the country. The 12-month rent growth is 6.5%. Asking rent growth has begun to slow from a peak of over 18% in the second quarter of 2022.

In Q4 2023, Miami’s industrial market experienced a slight increase in the vacancy rate to 3.3%, concluding the quarter with a high average gross lease rate of $20.13 per sq. ft. The 12-month rent growth in the industrial market is 9%, and since 2019, Miami’s industrial rents have risen by over 58%, surpassing the U.S. average rent gain of 35%.

Miami’s industrial market’s Q3 2023 vacancy rate came in at 2.4% at the end of Q3 2023, far below the national
average of 5.2%, which has ticked up over the past couple quarters. At the close of the quarter, the average gross
lease rate was $19.92 per sq. ft., one of the highest in the country.

The Miami industrial market’s Q2 2023 vacancy rate was 2.1%, staying very close to record lows from last quarters. At the close of the quarter lease rates stood at $19.68 per sq. ft. average (gross), one of the highest in the country. The 12-month rent growth is 14.6% in the industrial market.

The Miami industrial real estate market’s Q1 2023 vacancy rate fell to 2% at the close of the quarter, compared to
2.1% in Q4 2022. Lease rates stood at an average of $19.18 per sq. ft. (gross), one of the highest in the country. The 12-month rent growth is 17.4% in the industrial market, outpacing the national average of 10.7%.

South Florida, including Miami, Broward, and Palm Beach Counties, continues to see strong growth in the industrial
real estate market. Rising interest rates and choppy debt markets have had an effect on the market, but it is not
causing a big slowdown in leasing. Population growth and record tourism, combined with the lack of supply of product continues to push lease rates higher.

The Miami industrial market’s Q3 2022 vacancy rate continues to fall further to 2.4% and the availability
rate is at 4.2% at the close of the quarter with a $17.71 per sq. ft. average (gross) lease rate. Year-over-year
rent growth is up again to 19.8%, outpacing the national average, and metro’s five-year annual average of
9.7%.

The Miami industrial real estate market continued it’s strong growth. For Q2 2022, vacancy rate is down
even further to 2.5% and the availability rate is at 4.4% at the close of the quarter with a $17.06 per sq. ft.
average (gross) lease rate.

The Miami industrial market’s Q1 2022 vacancy rate is a decade low 2.7% with a $15.99 per sq. ft. average (gross) lease rate at the close of the quarter. Year-over-year rent growth is up to 18.3% in the industrial market, far above the national average and is outperforming the metro’s five-year annual average of 7.7%.

The Miami industrial market’s Q4 vacancy rate was 2.8% and the availability rate is 5.1% at the close of
the quarter with a $15.11/SF average (gross) lease rate. Year-over-year rent growth is 14.5% in the industrial
market, far above the national average. Miami ranks as one of the priciest industrial markets on the East
Coast due to the lack of available, buildable land.

The Miami industrial real estate market continues its strong performance. In Q3 2021 vacancy rate was 3.1%
and the availability rate is 5.3% at the close of the quarter with a $14.45 per sq. ft. average (gross) lease rate.
Rent growth had been declining for the past two years but the impact of the coronavirus pandemic and the
explosion of e-commerce, rent growth has improved in recent quarters to 12.1%. Growth in Miami is now 5%
stronger than the nation.

The Miami industrial market’s Q2 vacancy rate was 3.9% at the close of the quarter with a $13.78 per sq. ft.
average (gross) lease rate. Industrial vacancies have compressed after reaching higher levels in 2020. The annual rent growth is 9.2%. After trending in line with the country for most of 2020, growth in Miami is now three
percentage points stronger in recent quarters.

The Miami industrial market’s Q1 vacancy rate was 4.6% at the close of the quarter with a $13.16 per sq. ft. average
(gross) lease rate. Industrial vacancies are back below the National Index rate after climbing higher in 2020 for the first time in 20 years. Deliveries have totaled 4.7 million sq. ft. over the past 12 months. After trending in line with the country for most of 2020, Miami is now two percentage points stronger in recent quarters.

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.