MIAMI—Much the same way Miami has gained prominence from a cultural, culinary, and tourism standpoint, the city has become a hotbed for industrial investment activity. The industrial real estate sector is now considered a top-tier US market, alongside markets such as Los Angeles, New York-New Jersey, Chicago, Atlanta and Northern California.

Occupancy rate reached 96% in Miami-Dade in 2016, marking the highest rate in its history. Over the past 24 months alone, over 7 million square feet of industrial space has been absorbed in Miami-Dade. For reference, not long ago anywhere from 500,000 square feet to just over 1 million square feet of absorption would have been considered a very good year for Miami.

In an exclusive interview with GlobeSt.com, JLL managing director and South Florida Industrial Lead, Brian Smith breaks down what's driving Miami's industrial boom. In part two, he will discuss how much new industrial construction we can expect in the near future and the biggest leasing trend taking shape in Miami's industrial market.