Miami industrial real estate market reports
Q1 2024
Miami's unemployment rate has experienced a modest decline, dropping 20 basis points year-over-year, reaching 1.6%. As of the first quarter, there was a 2.8% increase in total non-farm employment, with 1.0% growth in the trade, transportation and utilities sector, as well as a significant 4.9% rise in manufacturing occupations year-over-year.
50%
Tenant demand for 20,000-50,000 sf
Industrial tenant demand was highest for spaces ranging from 20,000 to 50,000 square feet, exceeding demand in both the 50,000 to 150,000 and 150,000+ ranges.
$16.72
Asking rent
Miami’s industrial average asking rent over the past three years has grown by 87%, reaching a new all-time high of $16.72 per square foot.
462k sf
Absorption
Miami’s industrial market experienced over 462,000 square feet of positive absorption during the first quarter of 2024.
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