Miami industrial real estate market reports
Q3 2024
Miami's unemployment rate has seen a slight increase over the last year—up 110 basis points, reaching 3.1%. Nonfarm employment growth has remained positive with a 2.8% annual increase. The construction sector experienced an 11.4% increase in employment, while the trade, transportation, and utilities sector saw only a 0.5% rise. In contrast, the manufacturing sector experienced a 2.4% decline in employment.
3.3 msf
Construction activity
Construction activity slowed to 3.3 million square feet (msf) as a wave of new inventory totaling 6 msf delivers this year.
$17.10 psf
Asking rates
Asking rates for the market stabilized at $17.10 per square foot (psf) NNN as new inventory is absorbed.
-155k sf
Net absorption
Net absorption turned negative in the short term as tenants prepare newly delivered space for occupancy.
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