Miami industrial real estate market reports

Q4 2024

As of the end of the year, over 6 million square feet of new supply delivered in Miami throughout 2024, leaving 3.3 million square feet under construction. Investment activity experienced an increase, reaching $1.7 billion in sales volume, an increase of 63% year over year. This matches levels seen through the pandemic era.
5.5%

Vacancy rate

Vacancy rates rose by 270 basis points year over year, primarily driven by the delivery of over 6 million square feet of new supply in 2024.

$17.13 psf NNN

Average asking rents

Down 0.4% year over year, average asking rents softened as tenant demand slowed to end 2024.

342k sf

Net absorption

Net absorption dipped in the fourth quarter (-274,000 square feet (sf)) but finished positive at 342,000 sf for the year in 2024. 

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