Low industrial availability in Miami creates a surge in average asking rents

graph of average asking rent increasing as direct vacancy decreases in Miami from 2016 to 2023
  • Miami’s industrial market has seen robust demand since the onset of the pandemic, causing asking rates to increase by 16% year-over-year, amid historic low vacancy rates of 2%.
  • Since 2020, deliveries in the market have totaled 16.5 million square feet (msf), applying upward pressure on asking rates.
  • Another 7 msf remains under construction with no signs of rates cooling in the near term.

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