Miami Industrial Market Report (Q1 2021)5 May 2021
Miami has the lowest industrial vacancy rate of any of Florida’s primary metro areas, 40 basis points (bps) below Jacksonville, the second lowest, and 370 bps below Fort Lauderdale, currently the highest. Rental rates have accelerated 4.5% over the last quarter to $9.61 per square foot on a NNN basis, and net absorption eclipsed 3 million square feet (sf) during the first quarter due in part to the delivery of Home Depot’s 1.1-million-sf warehouse facility at Countyline Corporate Park in northwest Dade.
Several new industrial projects are planned or underway, and Prologis announced it will build a multi-story dedicated warehouse to serve e-commerce giant Amazon. The project, called Palmer Lakes Logistics Center, will be the first of its kind in Florida.