· Covers 3Q 2026 · Data as of October 2026 · Ironmark research
Miami-Dade industrial vacancy was 7.8% in 3Q 2026 (data as of October 2026), and average asking rent was $17.07 per SF per year, according to Ironmark’s 3Q 2026 Miami Industrial Brief.
Miami-Dade’s big users didn’t wait for the airport core to clear: they went north and took whole buildings. The change in occupied space (space tenants moved into, minus space they moved out of) was +1.38M SF in the third quarter and +33.7K SF over twelve months, even though it fell 1.48 million SF near the airport. Vacancy, the share of space that is empty, is 7.8%, up 1.3 pts in a year. Asking rents average about $17.07 per SF a year. Across all buildings, rents rose 1.4% in a year. About 2.61M SF is being built. Sales reached $2.7 billion, topped by Citadel’s Wynwood redevelopment buying; below that, the typical sale was $298 per SF at a 5.9% cap rate (the yearly return from rent, as a % of the price).
See how Miami compares with Florida’s other industrial markets in the statewide market data table.
What happened in Miami industrial in 3Q 2026
The bottom line: big users moved north.
- For tenants: the most choice is in the airport belt, 9.2% vacant, and only 11% of what is being built there is already leased.
- For owners: near the airport, empty space is about finding new tenants, not about price. The north corridor is filling.
- For buyers: price on the 5.9% cap rate (the yearly return from rent, as a % of the price) and the $298 typical sale price per SF, not on Wynwood’s $1,806 per SF redevelopment prices.
Four things shaped Miami-Dade’s past 12 months: big users took whole buildings in the north, tenants moved out near the airport, rents rose a little from an already high level, and less is being built.
- Demand and leasing: whole-building users moved in. Five users each leased a full building over the past year: PepsiCo (794,000 SF), Ryder (409,000), Walmart (236,000), Sentury Tire (220,000) and Del Valle Brands (216,000), 1.88 million SF in all. Occupied space over 12 months is up again.
- Where demand went: north filled; the airport emptied. North Miami Beach led all 14 areas: occupied space there rose 1.02 million SF over 12 months, and Outlying Miami-Dade was up 375,000. In Miami Airport West occupied space fell 875,000 SF and 11.7% of space is empty; Hialeah was down 652,000.
- Rents: growth has slowed. Asking rents average about $17.07 per SF a year. Across all buildings, rents rose 1.4% in a year. Big users sign for less: PepsiCo’s building was marketed at $14.95 and Del Valle started at $16.50.
- Being built: less than before. About 2.61M SF is being built, the middle figure of other firms’ third-quarter reports (the market consensus). Our building-by-building data counts 2.47 million SF in 19 buildings, down from 4.33 million SF a quarter ago and 0.9% of all space; 39.7% is already leased before it is finished, led by Terreno’s two fully leased Outlying Miami-Dade buildings.
Demand drivers: air cargo through Miami International Airport reached 2.74 million tons from January to September 2026, up 10.3% on a year earlier, and total jobs in the Miami metro division rose 0.6% (about 7,400 jobs) from September 2025 to September 2026 (preliminary).
Miami industrial by area, 3Q 2026
Ironmark splits Miami-Dade into four zones. In the north corridor, occupied space rose 1.37 million SF over 12 months, and half of what is being built there is already leased. In the airport belt (58% of all space), occupied space fell 1.48 million SF, and only 11% of its new space is leased.
| Zone | Share of all space | Being built (SF) | Occupied space, 12-month change (SF) | Vacancy (% empty) | Rent vs county average | Already leased (share of space being built) |
|---|---|---|---|---|---|---|
| North corridor | 25% | 1.51M | 1.37M | 7.9% | −13% | 50% |
| Airport belt | 58% | 797K | (1.48M) | 9.2% | −2% | 11% |
| Urban core | 10% | 6K | 73K | 3.5% | +35% | 100% |
| South Dade | 8% | 148K | 70K | 3.2% | +12% | 89% |
| Miami-Dade | 100% | 2.47M | 33.7K | 7.8% | — | 40% |
All industrial buildings, data as of October 2026; zones and zone totals are Ironmark analysis. Occupied space change = space tenants moved into, minus space they moved out of, over 12 months; figures in brackets mean occupied space went down. Rent vs county average = each zone’s rent (weighted by building size) against the county average. Already leased = share of the space being built that is leased before it is finished. Area figures count every project in the source data, so they total less than the market consensus above. North corridor = North Miami Beach, Miami Lakes, Outlying Miami-Dade; Airport belt = Miami Airport West, East and North, Medley, Hialeah; Urban core = South Central Miami, East Miami, Central Miami, West Miami/Coral Terrace; South Dade = South Dixie Hwy, Southwest Dade.
The north fills; the airport core empties. South Central Miami rents run 43% above the county average, East Miami 40% and West Miami 33%. Miami Airport West has the most empty space at 11.7%, followed by Medley (9.4%) and Miami Airport East (8.9%). North Miami Beach gained the most occupied space, 1.02 million SF; Airport West and Hialeah lost the most.
Miami industrial capital markets: sales volume, pricing and cap rates
A redevelopment buyer paid the top prices. Miami-Dade industrial sold $2.7 billion of property over the past 12 months, well above the $1.1 billion historical average. One buyer drove the top of the range: Citadel paid $637 million for 11 Wynwood properties from Mana Group, about $1,806 per SF on average, with the largest flagged as redevelopment projects. Below that, prices followed industrial use: an estimated market value of $288 per SF, a 5.9% cap rate (the yearly return from rent, as a % of the price), and a typical sale price (the middle of all sales) of $298 per SF.
Two buyers, two prices. Citadel spent $637 million across 11 purchases at about $1,806 per SF, paying for Wynwood land and what it could become. Longpoint spent $242 million across 16 purchases at about $251 per SF, including five 1980s airport-park buildings from Brookfield, paying for the rent they earn. The typical sale was $298 per SF; the average, $318. By area, South Central Miami led sales at $719 million (47 sales), followed by Miami Airport West at $405 million (98 sales) and Medley at $309 million (45 sales).
Outlook. Behind the Wynwood headline, the steadier story is older buildings changing hands: Brookfield sold $304 million over the year, and Longpoint bought 1980s airport-park buildings from it, paying about $251 per square foot across its 16 purchases. If you own an older, well-located building near the airport, there are plenty of buyers who price on the rent it earns, not the land. Expect more of these sales while new very large warehouses are still finding tenants.
Ironmark’s read on Miami industrial
What we’re seeing on the ground.
“Miami’s big users didn’t wait for the airport core to clear. They went north, took whole buildings, and left the old center of gravity holding the vacancy.”
In North Miami Beach, occupied space rose 1.02 million SF over the past year, more than in any other area, and most of it came in whole-building bites: PepsiCo’s 794,000 SF and Ryder’s 409,000 SF, both in 2024–25 construction. Outlying Miami-Dade added another 375,000 SF, and Terreno’s two buildings there are fully leased before they are finished. Meanwhile in Miami Airport West, the county’s largest area, occupied space fell 875,000 SF and it sits at 11.7% vacant, with Hialeah down 652,000. It isn’t for lack of freight: air cargo at Miami International Airport rose 10.3% through September. For owners in the airport belt, that is a problem of finding tenants, not of price. For a tenant shopping Airport West today, 11.7% vacancy is the negotiating room.
— Matthew L. Phillips, SIOR · (561) 621-5466
“The top of Miami’s price range was set by a buyer who isn’t buying warehouses. Citadel paid for Wynwood sites, and that number says nothing about a cap rate.”
Citadel spent $637 million on 11 Wynwood properties from Mana Group over the past year, about $1,806 a foot, with the biggest trades flagged as redevelopment projects. That buying made South Central Miami the top area for sales at $719 million, out of $2.7 billion county-wide. Don’t let it reprice your building. Away from Wynwood the market still prices on the rent buildings earn: Ares paid $284 and $304 a foot for two fully leased 2022–23 buildings, Terreno paid $575 a foot at a 5.0% cap rate (the yearly return from rent, as a % of the price), and the typical sale price sits at $298 per SF. For owners near the urban core, a buyer who wants the land for another use may now outbid any industrial buyer. For everyone else, price to the 5.9% cap rate, not to Wynwood.
— Troy Schaafsma, SIOR · (561) 621-5489
Frequently Asked Questions
What is the industrial vacancy rate in Miami?
Industrial vacancy, the share of space that is empty, in Miami-Dade was 7.8% in 3Q 2026 (data as of October 2026), up 1.3 points in a year, according to Ironmark’s 3Q 2026 Miami Industrial Brief. Most of the empty space is near the airport: the airport belt runs 9.2% vacant and Miami Airport West 11.7%, while the urban core (3.5%) and South Dade (3.2%) stay tight.
What does warehouse space rent for in Miami?
Asking rents for Miami-Dade industrial space average about $17.07 per SF per year in 3Q 2026, the middle figure of other firms’ third-quarter reports, per Ironmark’s 3Q 2026 Miami Industrial Brief. Across all buildings, rents rose 1.4% in a year. Big users sign for less: PepsiCo’s building was marketed at $14.95 per SF.
Is Miami industrial demand going up or down?
Up. The change in occupied space (space tenants moved into, minus space they moved out of) in Miami-Dade was +1.38M SF in 3Q 2026, the middle figure of third-quarter brokerage reports, and +33.7K SF over 12 months, per Ironmark’s 3Q 2026 Miami Industrial Brief. Demand moved north: occupied space in North Miami Beach rose 1.02 million SF over the year, while near the airport it fell 1.48 million SF.
What are Miami industrial buildings selling for, and at what cap rate?
The typical Miami-Dade industrial sale (the middle of 605 sales over the past 12 months) was $298 per SF and the cap rate, the yearly return from rent as a % of the price, was 5.9% in 3Q 2026, per Ironmark’s 3Q 2026 Miami Industrial Brief. Sales totaled $2.7 billion, but the top of the range was Citadel’s $637 million of Wynwood redevelopment buying at about $1,806 per SF, which does not reflect industrial pricing.
How much industrial space is being built in Miami?
About 2.61M SF of industrial space was being built in Miami-Dade in 3Q 2026, the middle figure of other firms’ third-quarter reports, per Ironmark’s 3Q 2026 Miami Industrial Brief. Our building-by-building data counts 2.47 million SF in 19 buildings, just 0.9% of all space and down from 4.33 million SF a quarter earlier; 39.7% of it is already leased before it is finished, led by Terreno’s two fully leased Outlying Miami-Dade buildings.
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The complete PDF includes the zone and area charts, the top sales, leases and buildings being built, the top buyers, sales by area, and full sources and definitions. Prepared by Ironmark — free, no obligation.
Ironmark Florida Industrial Brief — Miami Edition. This brief is Ironmark Capital Advisory’s own analysis and commentary, covering 3Q 2026 with data as of October 2026; it is informational and not tax, legal, or investment advice. Sources: the change in occupied space in the quarter, average asking rent and space being built are the market consensus, the middle figure (median) of third-quarter 2026 Miami-Dade reports from JLL, CBRE, Colliers, Cushman & Wakefield, Savills, Newmark and Avison Young; jobs data from the U.S. Bureau of Labor Statistics (Miami-Miami Beach-Kendall, September 2026, preliminary); air cargo from the Miami-Dade Aviation Department (January–September 2026); zones, zone totals and commentary are Ironmark analysis. From this edition the headline asking rent is the middle figure of other firms’ third-quarter reports; earlier Ironmark briefs used an estimate covering every building, which runs higher, so the two are not directly comparable. © 2026 Ironmark Capital Advisory.