The Miami industrial real estate market’s Q1 2023 vacancy rate fell to 2% at the close of the quarter, compared to 2.1% in Q4 2022. Lease rates stood at an average of $19.18 per sq. ft. (gross), one of the highest in the country. The 12-month rent growth is 17.4% in the industrial market, outpacing the national average of 10.7%. About 14 million SF of product has been delivered over the past three years. There is currently 9.2 million SF of new construction in the works, which equates to 3.5% of inventory currently under construction.

The Miami industrial market’s Q3 2022 vacancy rate continues to fall further to 2.4% and the availability rate is at 4.2% at the close of the quarter with a $17.71 per sq. ft. average (gross) lease rate. Year-over-year rent growth is up again to 19.8%, outpacing the national average, and metro’s five-year annual average of 9.7%. About 4.6 million SF has delivered over the past 12 months, with the metro posting 5.7 million SF of positive net absorption over the same time period.