Miami Industrial MarketView Q1 2020
April 9, 2020
•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.