Miami-Dade Industrial Market Report

Wave of new supply behind climb in large-format vacancy. Miami-Dade industrial vacancy rose roughly 500 basis points to 8.2 percent since the first quarter of 2024, led by a jump of over 600 basis points to 10.4 percent among properties larger than 50,000 square feet. Large-format deliveries mostly drove that increase. Inventory of properties larger than 50,000 square feet increased by 6.7 percent since the first quarter of 2024, while inventory of builds smaller than that barely moved by one-tenth of a percent. Tenant move-outs lifted smaller-footprint vacancy by more than 200 basis points over the past year, though the rate remains low at 4.5 percent, as the trend should continue through year-end.