Market Research Report
Comprehensive Analysis & 12-Month Forecast — Q2 2026
Market snapshot
The Miami metro industrial market encompasses approximately 115 million square feet — a major market defined by its unique role as the gateway between the United States and Latin America. Unlike any other U.S. industrial market, Miami's demand drivers are anchored by two of the most geographically critical logistics nodes in the Western Hemisphere: Port of Miami (#1 U.S. cruise port, major cargo gateway to Latin America) and Miami International Airport (#1 U.S. international air cargo gateway for trade with Latin America). The Doral/Medley corridor — the largest contiguous industrial submarket in South Florida — houses the import/export distribution infrastructure of hundreds of U.S. companies operating in Latin American markets. At 5.6% vacancy and 5.8% cap rates, Miami industrial trades as a premium market — reflecting its irreplaceable gateway position in the Americas trade network.
Economic context
The Miami MSA added approximately 68,000 net new jobs in 2026 — led by finance and professional services, tourism, healthcare, and international trade/logistics. Miami International Airport handles more international air cargo than any other U.S. airport east of Los Angeles — with particular dominance in perishable goods (cut flowers, tropical produce) and high-value electronics flowing between the U.S. and Latin America. The Port of Miami handles 8M+ annual cruise passengers plus significant container and break-bulk cargo. Together, the airport and seaport generate a permanent, growing logistics workforce that forms the foundation of Miami's industrial demand base independent of domestic economic cycles.
Source: Bureau of Labor Statistics, Greater Miami Chamber of Commerce. Seasonally adjusted trailing 12-month figures.
Port of Miami & Miami International Airport
Miami's industrial market owes its premium pricing — at $18.60/SF NNN, the highest of any market in this report — directly to its position at the intersection of two globally significant trade gateways. No other U.S. metro combines the #1 U.S. cruise port, a top-5 U.S. international air cargo gateway, and the Americas headquarters of 1,400+ multinationals in a market of 6.2 million people. The result is industrial rents that significantly exceed all Texas markets, Phoenix, and Nashville — reflecting the irreplaceable logistics value of Miami's geographic position.
Source: Miami-Dade Aviation Department (MDAD), IATA. 2026 projected based on Q1–Q2 actuals and MDAD capacity schedules.
Supply & demand
Miami industrial delivered approximately 18 million SF in 2021–2023 — a record for the South Florida market — pushing vacancy from a cycle low of 3.2% to a peak of 7.2% in early 2024. The supply wave is now absorbed and correcting. 2026 projected deliveries of approximately 8.4M SF represent a 42% reduction from the 2022 peak, and the construction pipeline is the thinnest it has been since 2019. Gateway demand — Latin American trade, e-commerce distribution, cold storage — has absorbed the spec overhang and vacancy is declining toward 5% in the Doral/Airport corridor.
Source: CoStar, JLL South Florida Q2 2026.
Capital markets
Miami industrial cap rates at 5.8% are below the Texas market average (6.0%–7.6% range) but represent the best yield available for a true Americas gateway industrial position — exceeding Los Angeles (4.8%), New York/NJ (5.2%), and Chicago (6.2%) for comparable gateway quality. For investors seeking Americas trade exposure with premium rents ($18.60/SF NNN — the highest in this report), Miami provides an irreplaceable asset class that no other Sun Belt market can match. The 6.4% cycle peak has been reached and compression toward 5.2%–5.4% is the 18-month forecast as institutional capital increases Americas gateway allocation.
Source: CBRE Research, PREA/RCA. Includes properties sold for more than $5M.
Investment sales — trailing 12 months
Miami industrial sales totaled approximately $1.2B per quarter — the largest of any Sun Belt industrial market in this report by a significant margin. Average price per SF at $248 is the highest of any market covered in this report, reflecting both the premium rent base and the institutional quality of the Miami buyer pool. Prologis, Blackstone, Starwood, and all major global industrial platforms maintain significant Miami exposure — providing the deepest industrial investment sales liquidity of any market in this report.
Source: PREA/RCA, CoStar. Includes properties sold for more than $5M.
| Property / Submarket | Size (SF) | Price | $/SF | Cap rate |
|---|---|---|---|---|
| Doral Airport Distribution Campus | 680,000 | $182M | $268 | 5.4% |
| Medley LatAm Logistics Center | 520,000 | $130M | $250 | 5.6% |
| Miramar / Pembroke Pines Industrial Park | 420,000 | $104M | $248 | 5.8% |
| Hialeah Cold Storage / 3PL | 280,000 | $72M | $257 | 5.4% |
| South Dade / Homestead Agricultural Dist. | 340,000 | $78M | $229 | 6.2% |
| Port Miami Adjacent Multi-Tenant | 180,000 | $50M | $278 | 5.2% |
Note: Property names are illustrative examples representative of actual market activity.
Submarket analysis
Miami's industrial market is defined by proximity to its two gateway anchors — MIA Airport and Port of Miami — with Doral/Medley forming the dominant logistics hub adjacent to the airport, Hialeah serving the domestic distribution and food processing market, and Miramar/Pembroke Pines/Homestead serving the southern Broward and South Dade distribution corridors.
Schematic. ⚡ = MIA Airport proximity anchor. Source: CoStar, JLL South Florida Q2 2026.
| Submarket | Vacancy | YOY rent chg. | Inventory | Under const. | Outlook |
|---|---|---|---|---|---|
| Doral / Medley (Airport Adjacency) | 4.8% | +8.2% | 55M SF | 3.2M SF | Strongest |
| Hialeah (Food / Distribution) | 5.8% | +6.4% | 28M SF | 2.0M SF | Strong |
| Miramar / Pembroke Pines | 5.6% | +5.8% | 18M SF | 1.6M SF | Positive |
| Homestead / South Dade | 6.8% | +4.2% | 14M SF | 1.6M SF | Opportunistic |
Source: CoStar Q2 2026, JLL South Florida.
Investment opportunities
The tightest, highest-rent industrial corridor in South Florida — and the most structurally captive. Doral/Medley serves MIA's air cargo complex, Port of Miami's distribution requirements, and the Latin American corporate headquarters community's supply chain operations. At 5.0%–5.6% cap rates and $18–$25/SF NNN, these are among the most institutionally desired industrial assets in the Southeast United States. Best for core acquisitions with high-credit Latin American corporate and logistics tenants.
Hialeah's food processing and distribution market — serving South Florida's large Cuban, Central American, and South American communities with culturally specific food products — generates demand for specialized food-grade warehousing and cold storage that cannot be easily duplicated elsewhere. Long-tenured food distribution operators with 15–25 year facility histories create exceptional NOI stability. Cold storage here commands $22–$30/SF NNN — the highest specialty industrial rents in the Miami market.
The Miramar/Pembroke corridor serves the broward/Palm Beach distribution market with I-75 and Florida Turnpike access — reaching Orlando in 3.5 hours and Tampa in 3.5 hours. Growing corporate campus presence (Humana, Citrix) generates medical supply chain and technology logistics demand that sustains above-market rents relative to standard logistics product. Mid-bay at $16–$20/SF NNN with 5.6%–6.2% cap rates.
South Dade's agricultural industrial market — cold storage, packing sheds, tropical produce distribution — serves a specialized tenant base supplying South Florida's grocery and food service market. Lower vacancy than metropolitan Dade suggests and growing as Florida's food system becomes more locally sourced. Acquisition opportunities at 6.5%–7.5% cap rates for investors comfortable with agricultural/food-grade facility requirements and the operational complexity of cold chain management.
Market outlook — 12 to 24 months
Miami industrial's 12-month trajectory is positive across all metrics: vacancy declining, rents growing at 6%+ annually, supply pipeline thin, and institutional capital increasing allocation. The only caution is that Miami industrial trades at premium pricing relative to Texas and other Sun Belt markets — requiring careful underwriting of hurricane insurance costs and the ongoing consideration of sea-level-rise risk for long-horizon holds. For investors who accept these South Florida-specific risk factors, Miami industrial offers the deepest liquidity, highest rents, and most structurally permanent gateway demand of any industrial market in this report.
| Metric | Q2 2026 (actual) | Year-end 2025 | Year-end 2026 (forecast) |
|---|---|---|---|
| Market vacancy | 5.6% | ~6.8% | ~4.8% |
| Avg. asking rent / SF | $18.60 | ~$19.40 | ~$20.60 |
| Avg. cap rate | 5.8% | ~5.4% | ~5.2% |
| Annual deliveries | ~10M SF | ~8M SF | ~6M SF |
| Net absorption | 6.8M SF | ~8.4M SF | ~10M SF |
| Avg. sale price / SF | $248 | ~$260 | ~$278 |
Forecasts based on CoStar, CBRE, JLL South Florida, Port of Miami, and MDAD data.