What’s Really Driving Miami’s Industrial Boom?

JLL managing director Brian Smith

MIAMI—Much the same way Miami has gained prominence from a cultural, culinary, and tourism standpoint, the city has become a hotbed for industrial investment activity. The industrial real estate sector is now considered a top-tier US market, alongside markets such as Los Angeles, New York-New Jersey, Chicago, Atlanta and Northern California.

Occupancy rate reached 96% in Miami-Dade in 2016, marking the highest rate in its history. Over the past 24 months alone, over 7 million square feet of industrial space has been absorbed in Miami-Dade. For reference, not long ago anywhere from 500,000 square feet to just over 1 million square feet of absorption would have been considered a very good year for Miami.