Miami's industrial sector is currently dealing with a surplus of supply, according to an analysis by Avison Young of the area's third quarter performance for the asset class. It found that the city has received more than six million square feet of new inventory, setting a new record, according to the CRE firm. But construction development in the pipeline has eased down slightly to 3.3 million square feet.

"Elevated interest rates, rising material costs, and weaker demand have prompted developers to pause activity, awaiting clearer economic signals from the Federal Reserve on interest rate reductions and the results of the upcoming election," Avison Young said.

In addition, absorption hit the negative territory at -155,122 square feet, following a positive two straight quarters.