MIAMI—It was standing room only at the Viceroy in Downtown Miami on Tuesday morning at RealShare Industrial. Commercial real estate industry icons gathered to discuss what's next in development and leasing and a look at the year ahead.

One key question was around the millions of square feet of industrial developments coming online in Miami in 2013 and 2014 and how that would impact pricing. Although the general consensus is that now is a good time to develop, it could delay a full pricing recovery.

Peter Crovo, vice president and market officer at Prologis, pointed out some quick stats. About a year ago, industrial vacancy rates were roughly 7% in Miami-Dade County. That hasn't changed much year over year. But what has changed is the volume of development.