Tenants, spanning e-commerce to importers and beverage companies, are grappling to secure storage space in Miami-Dade due to the record-low vacancy rate of 1.6%, leaving tenants scrambling for space. This surge in demand is fueled by Florida’s robust population growth and thriving tourism sector. With 12.4 million annual visitors, Miami-Dade sees a significant need for warehouse space to support the hospitality industry’s logistics. Broward and Palm Beach counties, while having higher vacancy rates, are also experiencing steady demand. Despite the tight market conditions, rents have remained stable.

Investors are taking note of South Florida’s potential, which is evident in significant transactions like the Mormon Church’s $174 million investment in a Hialeah industrial park. As construction projects continue to unfold, Miami-Dade remains a hotbed for warehouse real estate activity.

(source: miamiherald.com, picture, Rachel Martin)