Miami industrial market enters a new phase of stabilization

Miami's industrial market is entering a period of stabilization in 2026 following three years of elevated development activity that responded to the surge in warehouse demand after the pandemic. As market conditions normalize, new construction has slowed, with industrial space under construction declining 24.1% year over year to 3.8 million square feet (msf). Meanwhile, the continued delivery of recently completed projects and occupiers rightsizing their space requirements have kept upward pressure on vacancy, which increased 90 basis points over the past year to 7.6%. Despite this softening in market fundamentals, asking rents have remained relatively resilient as landlords have favored concessions such as free rent and tenant improvement allowances over reducing face rents.

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