Figures

Miami Industrial Figures - Q2 2024

July 11, 2024 5 Minute Read

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  • During the first half of 2024, demand in Miami continued to normalize but remains stronger than in other comparable markets nationwide. This trend is expected to continue without triggering a significant drop in rents, as land constraints continue to play a role.
  • Developers continued to pull back on new warehouse construction as the market returns to a pre-pandemic lease up/absorption pattern over the next year or so. This scale back should help vacancy stabilize over the next few quarters.
  • The overall vacancy rate increased by 200 basis points since Q2 2023. Unlike past vacancy spikes, this current wave is due to the amount of new speculative inventory rather than a severe economic downturn. As a result, users are still eager to enter space, and owners have been able to maintain positive, albeit slowing, rent growth