Miami industrial real estate market reports
Q4 2023
Miami's unemployment rate experienced a modest decline in the fourth quarter, dropping 30 basis points from the third quarter to 2.3%. At the end of the fourth quarter, there was a 3% increase in total non-farm employment; a 3.2% growth in the trade, transportation, and utilities sector; and a 3% rise in manufacturing occupations year over year.
Asset pricing
Despite prolonged economic headwinds, industrial asset pricing remained near its all-time high, ending 2023 at $239 per square foot.
Months on market
It took an average of 2.8 months for industrial space to lease in the fourth quarter, reflecting rising industrial demand in Miami.
Absorption
During the fourth quarter, Miami's industrial sector achieved positive absorption of over 875,000 square feet, bringing the year-to-date absorption to over positive 2.2 million square feet.
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