Miami Industrial Figures - Q1 2026

Miami’s industrial market has entered a new phase. The frenetic absorption and record-low vacancy of 2022–2023 have given way to a more balanced environment, one where demand remains positive, supply is self-correcting, and pricing continues to hold.

Net absorption totaled 540,000 sq. ft. in Q1 2026, much higher than Q4 2025’s pace and marking a solid start to the year, even as the figure trailed Q1 2025 by 24%. Vacancy edged to 6.8% and availability reached 9.6%, both up year-over-year but well within a range that supports continued rent growth. At $16.84 per sq. ft., asking rents are up 2.4% year-over-year. Meanwhile, the construction pipeline has contracted from 6.6 million sq. ft. to 4.1 million, and deliveries dropped 45% year-over-year.

The fundamentals point to a market that still favors well-positioned landlords, particularly those with Class A product in core logistics corridors. Tenant activity is steady, concessions have stabilized, and the flight to quality is accelerating the spread between new and second-generation space.