Miami-Dade Industrial Market Report
Vacancy to Fall as the Revival of Global Trade Buoys Leasing, But Submarket Conditions Differ
Resurgence in global trade a boon for airport area demand. International logistics firms are driving leasing as a recovery in freight volume across borders via air and sea underpins demand for facilities in the metro. Buildings near the Miami International Airport are a top priority for companies involved in the global supply chain. Since fourth quarter of 2020, tenants have keyed in on the submarket, with 1.4 million square feet absorbed there from October to March. Transportation and cargo storage firms including Kuehne + Nagel, Continental Global Logistics, and Ifs Neutral Maritime Service committed to 50,000-square-foot-plus spaces by the airport during that time.