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.
The CoStar Group, pinpoints mid-2025 as when US industrial net absorption will pick up notably. Some tenants will seek to take advantage of a softer rental market to expand their footprint this year.
According to Newmark’s National Industrial Market Conditions and Trends Report, there will be continued resilience but on a muted scale for industrial assets in 2024. Unpredictability in the global supply chain will drive long-term demand for industrial space due to the need for diversified sourcing and ports of entry,
The continued demand for industrial space is keeping market fundamentals healthy across the U.S. The national average rent for in-place leases stood at $7.12 per square foot in February, growing 6.9% over year-ago figures.