Slowing rent growth and rising vacancies

In the past three years, the average asking rent in Miami-Dade has climbed by 80.3%. Recently, the growth trajectory has slowed, culminating in an end-of-year asking rent of $16.06 per square foot (psf). The current asking rent stands in sharp contrast to the pre-pandemic rate of $7.03 psf. Nevertheless, vacancy rates rose by 8,180 basis points (bps) year over year, now standing at 6.2%. The ongoing delivery of projects, totaling 25.1 million square feet (msf) over the past five years, combined with a slowdown in demand, has stabilized asking rents during the past 12 months. In 2024, a total of 9.18 msf of new projects were delivered, marking a 44.0% increase compared to 2023. Despite the moderation in construction starts, there are currently 3.9 msf of projects underway, and during 2025, at least 2.5 msf of new industrial projects will be delivered.

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