Miami industrial recovery gains traction amid uneven market conditions

Miami's industrial market showed signs of recovery in Q3 2026, with year-to-date net absorption reaching 2.5 million square feet (msf), supported by two consecutive quarters of positive net absorption. Activity remained concentrated in select submarkets, particularly North Miami, while other areas continued to face pressure from new supply. Deliveries totaled 3.3 msf year to date, contributing to elevated vacancy, which increased 10 basis points (bps) quarter over quarter to 7.7%. Meanwhile, asking rental rates declined 2.8% quarter over quarter to $16.18 per square foot. With construction activity slowing, market conditions are gradually adjusting, although supply pressures continue to constrain landlords' pricing power.

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