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.
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.
The flood of warehouse space in Miami has been met by steady demand for new facilities fueled by positive demographic growth and robust port activity, long-term trends that bode well for future growth.
Even though the industrial sector in many parts of the country is one of the healthier components of the CRE ecosystem, some fear signs of softening. Developers in Miami-Dade, however, appear to have no such concerns.