Strong demand is helping Miami’s industrial vacancy rate stay low despite nearly 641,000 square feet of new space completed in the market during the third quarter of 2014, a new report shows.
Miami’s vacancy rate remained at 5.8 percent at the end of the quarter, according to Newmark Grubb Knight Frank’s latest report. The market rate was identical at the end of the third quarter of 2013. Asking rents had a year-over-year increase from $5.58 per square foot to $6.45 per square foot.
Of the 641,000 square feet delivered during the quarter, 75 percent is available for lease. Seven buildings totaling more than 715,000 square feet are now under construction, with 67 percent available for lease. — Eric Kalis