Miami industrial real estate market reports
Q1 2026
Miami’s industrial market remained stable in Q1 2026, with leasing activity in line with recent quarters despite longer deal timelines. Vacancy rose to 7.2% as new supply delivered, though a slowing pipeline should support stabilization. Asset Pricing continued to strengthen, reaching a new high of $257 per square foot, while rents held near peak levels at $17.26 NNN.
Average asking rents
Asking rents averaged $17.26 psf/ NNN in Q1 2026, increasing quarter-over-quarter while holding near recent highs.
Construction pipeline
Miami’s construction pipeline totals 4,056,707 square feet, representing a decline of more than 15% from the 4.7 million square feet underway in Q1 2025.
Vacancy
Vacancy rose 80 basis points to 7.2% in Q1 2026 but is expected to decline as development remains at record lows.
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