Miami industrial real estate market reports

Q3 2022

Miami’s industrial market continues tighten, with limited vacant space and availability falling below 10 million square feet (msf) for the first time since 2006. Developers are racing to meet demand, and more than 4 msf of industrial space has been delivered this year with another 3.3 msf expected to come online before 2023. Still, demand is high with many of the new developments coming online fully leased. Despite record highs, rates are likely to continue rising as the market grows to accommodate an ever‑expanding roster of new-to-market shipping and logistics companies.

7.5 msf

Under construction

7,467,153 sf of industrial space is expected to deliver by the end of 2023. This is unlikely to have much of an effect on availability as much of the space coming online is already almost fully leased.

647,614 sf

Net absorption

Miami netted 647,614 sf of positive absorption in the third quarter, bringing Miami’s year-to-date total to 4,520,586 sf and putting the city on track to have its highest absorption on record, excluding 2021.

$14.20 psf

Direct asking rent

Rents rose to $14.20 in the third quarter with high demand and construction activity driving growth. In Medley, for example, the completion of more than 1.6 msf of industrial space in 2022 has helped boost rates 21.1% in the third quarter to $13.72 psf.

7.7 msf


Total combined direct and sublet availability was 7,651,136 sf in the third quarter, the first dip below 10 msf since 2006 and the lowest availability on record.



Vacancy nudged down slightly in the third quarter to 2.8%, the second consecutive quarter of under-3% vacancy. Vacancy in the market is tight overall with only two submarkets having over a 4% vacancy rate: Central Dade at 5.2%, Medley at 4.5%.

-188,727 sf

Flex space absorption

Flex space move-outs left Miami with -188,727 sf in flex space absorption for the third quarter, reversing the positive trend in flex space and leaving the market with -126,793 sf of absorption year-to-date.

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