Miami’s supply of small bay industrial buildings continues to dwindle
![graphs of existing and under construction industrial inventory by square feet in the Miami market as of Q3 2023](/documents/35486/96633304/Miami+Indusitral+Data+Bite+9-20-2023.png/892e1f9d-ba71-0fc3-7b72-cbc72661d363?t=1695737920581)
- Small bay warehouses in South Florida are still in high demand. With a vacancy rate of only 2.4%, industrial rental rates have risen by 11% year to date, reaching slightly above $16 per square foot.
- As of September 2023, there are merely seven buildings under construction in the Miami market that are less than 100,000 square feet in size. These buildings make up just 20% of the total number of properties under construction, illustrating the scarcity and high demand for these smaller buildings.
- In contrast, mid-sized industrial spaces (100,000-250,000 square feet) take up 34% of Miami’s existing industrial market, and carry a higher vacancy rate of 2.7%. Despite the slightly higher vacancy rate, mid-sized buildings account for 52% of new development underway.
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