Supply
Miami’s industrial market improved further in Q3, recording the lowest vacancy rate in Florida at 5.6% and the only year-over-year (YOY) decline in the state. This represented a decrease of 70 basis points (bps) quarter-over-quarter (QOQ) and 40 bps YOY. Industrial deliveries totaled approximately 220,000 square feet (sf) in Q3, down 71.1% YOY from 761,000 sf in Q3 2025, reflecting a notable slowdown in new supply. Year-to-date (YTD) deliveries totaled approximately 1.0 million square feet (msf), down approximately 59.7% YOY from 2.5 msf over the same period in 2025. At quarter-end, 2.3 msf remained under construction, with activity concentrated in projects such as Seagis at Medley Industrial Park and Kurv (Bridge) Doral Buildings 3, 4 and 7. Nearly 15% of the active pipeline was preleased, with 1.8 msf slated for delivery by year-end 2026. The sharp slowdown in deliveries, alongside continued declines in vacancy, highlights Miami’s ability to absorb new supply while maintaining strong market fundamentals.
Demand
Miami’s industrial leasing market remained active in Q3, with nearly 2.3 msf of leasing activity bringing YTD volume to 5.0 msf. While YTD leasing volume declined 3.8% YOY, large-block demand remained strong, with 10 big-box transactions completed in Q3 alone, bringing the YTD total to 24, up from 18 during the same period last year. Renewal activity also gained momentum in the quarter, with 968,000 sf of leases renewed, up 61.1% from 601,000 sf in Q3 last year. Net absorption totaled approximately 1.4 msf during the quarter, bringing YTD absorption to 1.8 msf, signaling rising occupancy gains within the industrial sector. Notable Q3 move-ins included Pepsi, which occupied approximately 793,000 sf, and Ryder, approximately 409,000 sf. With 2026 YTD net absorption already surpassing the YTD totals recorded in each of the previous three years, the projected 3.0 msf of additional leased space expected to be occupied by year-end should push annual absorption toward the robust levels achieved in 2021 and 2022.
Pricing
Pricing conditions softened further across Miami’s industrial market in Q3, with the weighted average asking net rent declining to $15.16 per square foot (psf), an 8.5% YOY decrease. Warehouse/Distribution (W/D) product followed a similar trend, with asking rents falling 9.7% YOY to $14.90 psf. However, as Miami continues to record the lowest vacancy in Florida, rents should begin to trend upward as higher-end asking rents of recently completed projects impact averages. This trend is consistent with other markets where new available inventory has begun to counteract lower-tier asking rents of secondary industrial space.
