Figure | Future Cities
Miami Industrial Figures Q1 2022
April 21, 2022
- Construction activity remained strong, particularly in Hialeah Gardens, where more than 1.0 million square broke ground this quarter. Additionally, there are two large projects that will soon come into play (Calder Site 2.2M sq. ft.) and Bridge Doral (2.5-3M sq. ft.) that have a large impact on planned developments.
- The vacancy rate for Q1 2022 rose by 20 basis points from last quarter to 3.2% due to new construction of over 1.7 million square feet.
- E-commerce activity continues to drive the market and tenants have been aggressive in pursuit of space to fulfill their needs. There are fewer smaller vacancies available as most space options are designed for larger requirements.