Florida’s industrial market is showing signs of stability from Jacksonville to Miami. Moving into 2025, the effects of economic shifts are shaping a unique business landscape, creating a more predictable environment for development. With the tension between supply and demand easing, business leaders are growing more optimistic.
San Francisco-based Prologis filed an administrative modification application with county officials for the 18.5-acre site at 9700 N.W. 112th Ave., in the Flagler Station business park near Doral.
The property just east of MIA is intended to be utilized by the Aviation Department for any compatible land use. The seller has already provided the four tenants at the property — including a luxury car rental business — with a notice of termination of their leases and will reportedly pay for the demolition of existing buildings within six months of purchase.
According to a new report from global investment management firm Colliers, big-box industrial product attracted the lion’s share of the record demand in response to the pandemic, and is largely what developers have been building during the ongoing cycle.
U.S. industrial rents grew fastest in Miami – up 11% year-over-year – with more than 15 million square feet of new, high-quality industrial space coming to market since 2022. Other Southern markets also saw strong growth.