The Real Deal Miami

Miami industrial vacancy falls to 5.8 percent, lowest rate since 2007: CBRE

January 25, 2013 12:45PM

Industrial vacancy in Miami-Dade County dropped to just 5.8 percent in the fourth quarter of 2012, according to the latest MarketView from CBRE. That is the lowest Miami’s vacancy rate has been since the fourth quarter of 2007. Average asking rates also hit their highest number since the second quarter of 2009, rising to $7.61 per square foot. The strongest submarket in terms of vacancy is Kendall/Tamiami, at just 2.2 percent, followed by Miami Lakes at 3.8 percent. Leasing activity for the fourth quarter of 2012 totaled 893,564, bringing the total activity for the year to more than 8 million square feet. But while leasing activity was strong, average transactions sizes fell from the third quarter to 14,412. CBRE said that could have been the result of third quarter statistics being skewed due to several large transactions. —Alexander Britell