Although certain asset classes may see isolated trouble, the broader industrial market in Miami appears resilient, with no signs of systemic weakness. The occupancy has slipped slightly from about 98% to 95% but points to a more balanced market.
Class B and C industrial vacancy rates in Miami have remained stable, holding below 5%, as tenants increasingly prioritize value over newly built assets.
The project would be one of the largest industrial developments in Miami-Dade. With vacant industrial land scarce in South Florida, developers are increasingly looking to repurpose man-made lakes despite the high cost.
According to the Hamilton Development’s proposal, the three office sites would be redeveloped into two warehouse buildings totaling 307,532 square feet, each with a 36-foot clear height.