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Market Report

Miami-Dade Industrial Market Report

4Q 2021

Robust Rent Growth, Streak of Positive Absorption Spanning Back Nine Years Garner Attention

First-half leasing sets record. Several forces are driving demand for industrial space in Miami. The rapidly growing populace amid the rise in e-commerce attracts logistics and warehousing firms. Meanwhile, logjams at West Coast ports have funneled some activity to South Florida, where traffic is less backed up. As a result, more than 3.3 million square feet of net absorption was logged during the opening two quarters of 2021, the highest first-half total since at least 1999. Submarkets that had the highest absorption counts during that span include Outlying Miami-Dade, Miami Airport and North Miami Beach. Strong demand in these locations bodes well for the lease up of future completions, with about 5.4 million square feet underway across the three corridors in July, most of which will finalize by the end of 2022.
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