To say that the industrial market in Miami-Dade County is going gangbusters is almost an understatement. Even though the industrial sector in many parts of the country is one of the healthier components of the CRE ecosystem, some fear signs of softening. Developers in Miami-Dade, however, appear to have no such concerns.

"A live poll taken during the Colliers South Florida Industrial Owners Forum 2023 found that owners in South Florida were not concerned about an overbuilt market for 2024, with 75% foreseeing a stable market ahead despite the growing development pipeline," Colliers stated in its Q1 2023 industrial report on Miami-Dade.

This is the view even though the region has 1,344,000 square feet of new construction and a further 9,882,100 being built. That's because the overall vacancy rate is 1.8%, compared with 2.7% in Q1 2022, leasing activity is healthy, and record-breaking high triple net lease rents of $14.61 a square foot are being achieved – up from $11.77 in Q1 2022, a 24% increase.