The Miami Industrial Team at ComReal has unveiled their latest outlook for the city’s industrial market. In a new report released this week, the team concludes that the market maintains its relative health, with strong vacancy rates and the highest level of new construction in a decade. Key findings include:
- 6 million sq. ft. of positive absorption over the past 12 months
- Over 4 million sq. ft. of new construction completed over the past 12 months
- 1% vacancy rate
- Over $12 per sq. ft. average (gross) lease rate
We recently wrote about the robust state of our city’s job market, and this report has cemented those findings: Miami’s industrial employment has grown by a third, adding an impressive 24,000 jobs over five years. This level of growth is three times that of the U.S.
Furthermore, the report found that Miami and Fort Lauderdale have the second-highest asking rents on the U.S. east coast, just behind New York City. Miami’s rent growth has also surpassed the national average.
“It’s a great time to be an owner of industrial properties in Miami,” the team says.
Miami has experienced favorable economic and demographic conditions over the last five years, and this latest forecast calls for continued population, labor, and income growth. For a more detailed look, click here to download the complete Q2 report, or contact the Miami Industrial Team today.
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