More than 3.3M SF of new industrial space was delivered in the Miami market in Q2 2024, a wave of new speculative inventory that now totals 4.5M SF since the beginning of this year—an amount approaching last year's total of more than 5M in new supply.
This flood of warehouse space has been met by steady demand for new facilities fueled by positive demographic growth and robust port activity, long-term trends that bode well for future growth.
Miami's industrial market notched more than 531K SF of positive net absorption in the second quarter, putting net absorption for the first half of the year at 1M SF, according to CBRE's latest market report.
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