Miami Industrial Rents Increase For Fifth Straight Month

Miami’s industrial real estate market is gaining momentum, mirroring the city’s earlier strength in the office sector.

Avison Young’s third-quarter Miami industrial report reveals a sharp uptick in tenant demand, underscoring the sector’s strong performance.

Net absorption reached 670,459 square feet from July through September — more than double the previous quarter’s total — signaling renewed market traction.

The largest recent lease was signed by The American Bottling Co. for 150,600 square feet on NW 37th Avenue. Amcar Freight and the U.S. Postal Service followed, securing 126,101 and 86,867 square feet, respectively.

Strong leasing activity pushed average asking rents up by 21 basis points to $17.59 per square foot, marking the fifth straight quarter of rent growth. Rates in key submarkets are now $9–$11 higher than in 2020, with Airport West commanding the highest rate at $19.58 per square foot.

“Today, location comes at a premium for tenants,” Avison Young noted.

Vacancy tightened by 20 basis points to 5.8%, further illustrating robust market conditions.

Investment activity was also a standout. Total industrial sales volume hit $687 million — the highest in Florida during the third quarter. Together, Miami and Fort Lauderdale represented half of the state’s total industrial sales. The largest transaction came from Terreno Realty, which acquired 6450–6550 NW 97th Avenue for $130.7 million.

Avison Young projects Miami will remain one of Florida’s most competitive industrial markets, supported by strong investment flows and sustained tenant demand.

Source: GlobeSt.