Miami-Dade Industrial Market Report

The metro maintains nationally low vacancy, despite supply pressure. While rising from last year’s record low, vacancy in Miami-Dade will be the third-tightest rate among major U.S. markets in 2024. All of the metro’s five submarkets with more than 10 million square feet of inventory entered 2024 with sub-4 percent vacancy rates, a reflection of the widespread demand that exists among tenants. Still, some pressure may emerge in North Miami Beach this year as 40 percent of the space slated for delivery metrowide comes online here. Outer Miami-Dade, which hosts 8 million square feet of existing space, will also see climbing vacancy as over 1.1 million square feet delivers here. While the submarket has recorded flat-to-positive net absorption since 2018, new supply will exceed space demand this year. Long-term, however, supply pressure across the metro will ease as demand from manufacturing, distribution and logistics firms stays strong, illustrated by 2024 move-ins from companies like TSS Logistics, Ocean Doors & Windows, Inc., and Fulfillment Hub USA.