Miami-Dade Industrial Market Report

Miami boasts the nation’s lowest vacancy. Hardy population growth in the Southeast Florida region, coupled with the influx of new businesses from a variety of industries, has underscored the need for industrial space in Miami-Dade. During the past two years, net absorption has outpaced deliveries, despite annual supply additions rising more than 1 million square feet above the long-term average. As a result, vacancy plummeted to a record low at 1.8 percent in March 2023 — the tightest rate among all major U.S. markets. Leasing activity has recently been strong in areas along the South Dixie Highway, Medley and in the Northwest portion of Hialeah, as elevated construction activity has provided high-quality space options while offering local rents below the metro average. Firms like All Glass Production, All Florida Paper, American Fine Food Corporation and Triton Logistics each signed leases exceeding 140,000 square feet in these submarkets during the trailing four quarters.