New inventory in Miami is expected to further drive demand in Florida’s already-booming industrial sector

graph of Florida's industrial market growth from Q3 2022 to Q2 2023 with Miami having the most inventory under construction
  • Florida's industrial market has attracted significant interest from tenants due to its strategic location, large consumer base, and access to major transportation networks, including ports, railroads and highways.
  • Miami's net absorption reached a positive 6.3 million square feet (msf) from Q3 2022 to Q2 2023, marking a 25% decrease compared to the previous 12-month period. Nevertheless, Miami has a promising 6.6 msf of inventory under construction, which is anticipated to drive heightened demand throughout the rest of 2023.

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