Extensive Amount of Industrial Supply in Miami-Dade County Drives Vacancy Rates Down

The vacancy rate for the industrial market in Miami-Dade County has remained stable at 4.3 percent as a vast amount of new construction has been delivered. Year-to-date the market has received 2.7 million square-feet of new supply in 2017, a record high volume of new inventory since the 2007-2011 recession. Similar to the third quarter of 2017, the pipeline of tenants in the market seeking space is still high but absorption has not caught up with the new delivery.