Miami-Dade County is expected to continue to see a large amount of net in-migration in its metro areas as tax laws and the warm climate draws people in.
That's according to the Midyear 2022 Miami Industrial Market report by Marcus & Millichap which says that the rise in construction will have a minimum impact on vacancy. A larger population raises the demand for essential goods which will require retailers to maintain or expand both their distribution and warehouse footprints.
Although there's a large amount of speculative construction underway, historically low vacancy rates in Miami suggest construction is still warranted and will be absorbed quickly.
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Melea VanOstrand
Melea VanOstrand oversees the Daily Business Review as ALM's Florida Bureau Chief. Email Melea at [email protected] or follow her on her Twitter or Facebook pages.
