Construction of Industrial Space Continues at a Rapid Pace in Miami-Dade County

The industrial market in Miami-Dade County has had an extremely successful start to 2018. The vacancy rate for the overall county stands at 4.4 percent as the increasing demand for industrial space catches up with the large inventory currently under construction. There is a current lack of centrally located industrial supply and a lack of land to develop upon. Land is still limited in the county and developers are challenged to work through permitting hardships. Since the first quarter of 2018, nearly 4.3 million square feet of industrial and flex space are under construction.