Vacancy rises as Miami-Dade sees wave of new warehouses

Industrial vacancy in Miami climbed to 6.5% in Q2 2025—the highest level recorded since Q1 2021. This represents a year-over-year increase of 130 basis points (bps). The rise in vacancy has been primarily driven by a surge in newly completed industrial developments. Over the past 18 months, approximately 8.2 million square feet (Msf) of new product has been added to the market. The Southwest Miami submarket, in particular, has captured the most significant share of this expansion—accounting for roughly 42.0% of total deliveries over the past five years. Following several years of strong development momentum, the pipeline is now showing signs of a slowdown, with no new projects breaking ground this quarter. This marks a notable shift after a sustained period of elevated development activity. However, absorption has slowed in line with broader national trends, and Miami is no exception.

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