Figures
Miami Industrial Figures - Q1 2024
April 9, 2024 5 Minute Read
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- Starting 2024, Miami’s industrial market continues to grow, albeit at a slower pace. Demandhasdecreasedto2.1 million square feet in the last 12 months, falling below the five-year average annual absorption rate of slightly over 4.5 million square feet.
- Although the market has shown robust performance overall, the growth in asking rents has started to decelerate, with quarterly rent growth essentially flat during Q1 2024.
- Construction has ramped up in recent years, with more than 7.3 million square feet currently in progress as of the first quarter of 2024. However, new construction starts have slightly declined, reaching a total of over 2.4 million square feet in 2023, below the two-year historical average of over 5.0 million square feet.
- Despite an increase in vacancies due to supply growth in 2023, the vacancy rate is projected to only reach approximately 4% before decreasing again as the supply surge subsides in 2025.