Miami-Dade Industrial Market Report

Pockets of construction create the bulk of vacancy pressure. The Miami-Dade metro entered 2024 tied for the second-tightest vacancy rate among major U.S. markets. During the first half of this year, however, the local metric surged by 100 basis points despite posting net absorption, as historic construction in select areas challenged fundamentals. Most notably, the second-largest submarket by inventory — North Miami Beach — had local stock growth above 5 percent over the year ending in June 2024. That new supply comprised almost 30 percent of what was added here across the past decade, an influx that lifted the area’s vacancy rate by 550 basis points year-over-year. Outlying Miami-Dade, meanwhile, had the fastest inventory growth in the metro, continuing a recent trend. The submarket’s stock has more than doubled in three years, manifesting in a 520-basis-point vacancy surge from July 2023 through June 2024.