Miami industrial real estate market reports

Q1 2022

Miami’s industrial market is not showing any signs of slowing down, reporting the highest leasing activity ever in the first quarter of 2022. Rapid rent growth and an expanding development pipeline put Miami on track for another record year in 2022.

6.3 msf

Under construction

Over 6.3 million square feet (msf) of new industrial product remains under construction throughout Miami-Dade County. Most of the new construction is underway in the Northwest Dade and Medley submarkets. Pre-leasing activity has been strong with five of the largest developments that are currently under construction already 100% leased.

1.2 msf

Net absorption

Net absorption was off to a strong start in the beginning of 2022 with 1.2 msf absorbed in the first quarter. With a record-breaking quarterly leasing volume of 4.9 msf so far in the year, net absorption is expected to see a significant rise by the end of the year.

$12.15 NNN

Direct asking rent

Industrial asking rates continue to increase at a breakneck pace in Miami. The industrial asking rate, excluding flex space, rose by an astronomical 31% year-over-year to $12.15 NNN per square foot (psf).

7.2 msf

Availabilities

As unrelenting demand continues to scoop up new space in the market, availability has declined to 7.2 msf. As a result, development activity has risen to meet demand; however, land constraints remain constant obstacles for developers.

3.3%

Vacancy

Despite over 1.5 msf delivering to the market in the first quarter of 2022, vacancy has remained low at 3.3%. With an influx of supply that is fully leased and set to deliver later in the year, vacancy will continue to contract amid demand.

$173 psf

Investment sales

Investment activity remains strong in Miami with the average price psf reaching $173. Investors remain bullish on Miami due to robust population growth, access to labor, and soaring industrial rental rates.

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