The pipeline of new development is flowing with more than 4.1 million square feet under construction, and an additional 14.2 million square feet planned for future development. Considering the delivery of over 3 million square feet of new industrial product in the first half of this year alone, the Miami-Dade market continues to experience robust positive absorption and the delivery of new product is expected to continue over the next six to 12 months.

GlobeSt.com: What is the biggest leasing trend taking shape in Miami's industrial market?

Smith: In previous real estate cycles, the Miami-Dade market saw primarily smaller industrial leases signed in comparison to larger leases. This time, the opposite is happening: 40,000 square feet to 70,000 square feet is now becoming the typical size of industrial leases inked in the region.

In recent months, large users such as machinery manufacturer John Deere have been expanding in the market. Another example is KLX Aerospace Solutions that is expanding its distribution center and headquarters for a total of 500,000 square feet and Telemundo Enterprises/NBC Universal's world headquarters taking up 550,000 square feet in Miami. These types of tenants were previously few and far between, but today they are responsible for the bulk of new absorption in Miami-Dade's active industrial market.

Diversity is a keyword in Miami's industrial market. Smith sounds off.