Although rents are rising and South Florida’s industrial sector is seeing a flight to quality, the tri-county area continues to see strong demand for Class A space, which is driving an influx in pre-leasing activity for new developments.
That’s according to JLL’s Q3 Industrial Insight Reports for South Florida. It found that in Miami, landlords have pushed rental rates as record-low vacancies and limited supply continue. Quarter-over-quarter rent growth is at 4.4%, while the year-over-year rent growth is more than double what the asking rates were in 2021 at 60%.
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