Miami Industrial MarketView Q1 2020

April 9, 2020

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•Total vacancy for the Miami industrial market in Q1 2020 rose 70 bps year-over-year to 3.6%.

•About 1.8 million sq. ft. of industrial space is under construction, with 8.8 million sq. ft. of planned projects for 2020, 2021 and 2022.

•Capital markets volume amounted to $27 million in seven transactions with an average sale price of $119 per sq. ft.

•The average industrial asking rate has begun to stabilize, hovering at $9.82/sq. ft. (IG), after a long period of strong rent growth.