Miami industrial real estate market reports

Q4 2022

Miami’s industrial market continues to attract top-tier institutional tenants looking for large blocks of space. This has driven availability and vacancy to historic lows, at 10.1 million square feet (msf) and 2.1% respectively. A wave of move-ins at the end of the fourth quarter pushed absorption over 7 msf, and tight inventory has put upward pressure on rates, which grew 41.4% in 2022 to $15.16. Miami continues to see both proposals for new developments and strong leasing activity despite global macroeconomic concerns and fears of a recession. This signals that investors, owners and users all see strength in the Miami industrial market through 2023.

5.1 msf


More than 5 msf of industrial space was delivered in 2022, making it the biggest year for industrial construction on record in Miami.

+7 msf


Annual absorption amounted to 7 msf, which was just 242,000 square feet (sf) below 2021’s record absorption.

$15.16 psf

Direct asking rent

The direct asking rate for industrial space was up 41.4% from year-end 2022, even when excluding the under-construction inventory that helps drive rates up.



The 11.1% decline in availability year-over-year left only 10.1 msf available in the fourth quarter.



Total vacancy in the fourth quarter was 2.1%, the lowest ever recorded. Direct vacancy has plummeted in recent years as South Florida continues attracting institutional tenants in search of large blocks.

$205.58 psf

Investment sales

The average investment sale price at year-end 2022 was $205.58 per square foot (psf), up 24.1% year-over-year as Miami netted $1.63 billion in sales for 2022.

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