Miami industrial real estate market reports

Q3 2023

By the end of August, Miami's unemployment rate dropped 20 basis points to 1.9% compared to the second quarter. Job sectors that witnessed growth include manufacturing, with a year-over-year increase of 7.6%, and transportation, with a 3.8% rise during the same period. Notable trends in the third quarter consisted of a minor dip in leasing activity, another decrease in vacancy rate, and negative absorption for the first time in over a year and half.

2.1 msf

Leasing activity

Leasing activity in Miami remained robust in the third quarter, with a minor 12% dip compared to the second quarter.



Miami’s vacancy rate decreased 40 basis points year over year to 2.4% at the end of the third quarter.

-319k sf


Miami's industrial market had its first negative absorption in six quarters due to construction delays preventing tenant occupancy.

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