Miami, FL Industrial Market Report Q3 2026

Demand Trails New Supply; Vacancy Climbs 116 bps to 7.6%

Demand

Miami absorbed 2.44M SF in Q3 2026, against 859K SF in the same quarter last year. Vacancy is 7.6%, 116 bps looser than Q3 2025. West Miami/Coral Ter is both the tightest submarket at 1.3% vacancy and the rent growth leader at +1.9%. Trailing-12-month absorption of 349K SF compares with -2.11M SF a year earlier. Asking rent of $21.21/SF is up 1.4% year over year and a record.

Supply

Miami delivered 1.66M SF in Q3 and 3.99M SF over the trailing twelve months (+11% versus the prior TTM period). Space under construction equals 0.9% of inventory, concentrated in Outlying Miami-Dade at 3.7% of its stock. Annual deliveries peaked at 6.42M SF in 2024. The 2.60M SF pipeline equals about 30 quarters of absorption at the trailing pace.

Investment Market

Miami recorded $2.8B in sales over the trailing twelve months, -4% against the prior TTM period; Q3 accounted for $1.50B. The high-water mark in this series is $3.4B in 2022. Q3 volume is 2.7 times the prior four-quarter average. Read volume as directional.

Miami cap rates average 5.53%. Pricing sits at $284/SF, higher for 16 consecutive years. The cap rate is 45 bps above the Q3 2022 low of 5.08%. Price per SF is at a record.