Miami Industrial Figures - Q2 2026

After a relevantly flat 2025, this year has seen 1.3 million square feet of positive absorption so far – nearly all of which occurred in high quality product. This furthers the narrative that tenants are looking to upgrade space. Additionally, we’re expecting roughly million square feet of positive absorption next quarter as large tenants take occupancy. This, together with a limited pipeline, should help put downward pressure on vacancy and return the supply/demand equation to more equilibrium.

Between 2021 and 2023, the market was averaging over 1.3 million square feet of absorption per quarter, which drove speculative development in the ensuring years. This development led to an increase in vacancy as big box (200,000 sq. ft.+) demand declined. This year, absorption is more inline with pre-COVID norms, as is the development pipeline. There is currently only 2.9 million sq. ft. under construction, most of which will not deliver until 2027.

Leasing activity remains strong, which should also help decrease vacancy further. Large-block leasing included Ryder Systems taking 409,000 sq. ft. in Hialeah. Captiva Containers leased 173,000 sq. ft. in North Central Dade. Vero Holdings committed to 141,000 sq. ft. in the Airport and Doral submarket. Together, these top three deals accounted for 723,000 sq. ft. of new leasing.