Miami-Dade Industrial Market Report

Rising cargo volumes support distribution demand. Miami saw negative net absorption for a second straight year in 2025, followed by another roughly 1 million square feet of move-outs in the first quarter of 2026, as tenants resized and higher operating costs pressured both small-bay and bulk users. Yet the metro’s role in global trade is strengthening. Cargo shipments at Miami International Airport rose by 13.6 percent in 2025 to a record 3.5 million tons, while pass-through freight exceeded local shipments for the first time in over a decade, reinforcing Miami’s hub role. That helped lift leasing in the fourth quarter of 2025 above 5 million square feet to the highest level since early 2022, with activity carrying into 2026. Large-block demand also improved, with at least 24 leases above 100,000 square feet signed in the year ended in March, up from 16 in the prior period. Although tariff and energy volatility remain key risks that could stall leasing, these recent commitments should help prevent a sharper rise in vacancy.