The absorption rate stands at a negative 725,835 sf, compared to last year when it was a positive 282,000 sf. Reduced demand and new construction have increased supply.

"We're at a static point right now and businesses are taking a wait-and-see attitude," Wayne Ramoski, director of industrial sales and leasing at Cushman & Wakefield in Miami, tells GlobeSt.com. "A lot of space has been downsized because of declining sales and I don't see anything in the economy right now that's going to turn it around."

Regions hit hard by the sluggish market are Airport West, with 13.5% vacancy and Medley at 14%. On the bright side, low vacancy areas such as North Central Dade with 7.1%, and Hialeah with a 5.3%, continue to thrive in the slow market, the report says.