Figures
Miami Industrial Figures - Q4 2023
January 9, 2024 5 Minute Read
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- In Q4 of 2023, Miami’s industrial market remained constrained, despite surpassing supply levels from previous years, as the direct vacancy rate increased to 3.3% from 2.6% in the prior year.
- Due to Miami’s tight market conditions, landlords have had the leverage to raise rents by 10% in the last year, significantly surpassing the 6% average gain across the U.S.
- Demand pulled forward in the fourth quarter, pushing net absorption to more than 3.0 million sq. ft for the year. Although, this reflects a 44% decrease from Miami’s record-breaking absorption in 2021.