Miami industrial real estate market reports

Q3 2021

Miami’s industrial market continued to outperform during the third quarter with records showing both historically high net absorption and historically low vacancy. Industrial asking rates are growing at rapid pace and a development boom has resumed after taking a brief pause during 2020.

5.6%

Economic conditions

South Florida’s economy continued to rebound during the third quarter with the unemployment rate declining to 5.6% as of August 2021, an 810-basis point drop from the high of 13.7% in May 2020.

6.7%

Recovery rate

According to recently released 2Q21 data from the Bureau of Economic Analysis, Florida’s GDP grew by 6.7% over the quarter, which is on par with the average for the U.S.

5.4 msf

Industrial demand

Net absorption blew past previous historical highs and has reached a new record high of 5.4 million sf.

5.8 msf

Industrial supply

Development activity has returned in full force after construction starts took a brief pause during 2020. Currently there are 26 properties totaling 5.8 million sf under construction and several new projects are expected to break ground by the end of the year.

14.2%

Pricing trends

Asking rents have increased dramatically by 14.2% since year-end 2019. Historically low vacancies have allowed landlords to push asking rates to new heights and some landlords, particularly in the Airport West submarket, are now asking above $10.00 NNN.

$1.1B

Capital markets

Investment in industrial assets in Miami has been robust throughout 2021 and total volume for the year-to-date is $1.1B, up 31.6% from total investment volume in 2020. Investors remain bullish on well-located industrial assets.

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