Miami-Dade's industrial market held its ground through the second quarter of 2026, with vacancy staying under 4% across most core submarkets. Doral and Medley continue to lead asking-rent growth, driven by limited new supply and steady demand from logistics and last-mile distribution tenants.
New construction has slowed compared to the pace seen in 2023 and 2024, largely due to higher construction financing costs and a shrinking pool of developable industrial-zoned land close to the urban core. That scarcity is pushing some tenants toward older, functionally obsolete buildings that would have been passed over two years ago.
We're also seeing more sale-leaseback activity from owner-users looking to unlock capital tied up in real estate while retaining operational control of their facilities. If you're evaluating a similar move, it's worth having a conversation before committing to a straight sale.
Looking ahead to Q3, we expect rent growth to moderate slightly as a handful of speculative projects delivered in Hialeah Gardens come online, but overall fundamentals remain landlord-favorable.