4Q23 Miami IND Statistics

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MIAMI INDUSTRIAL MARKET Q4 2023

200118

YTD

Direct Vacant Space

Sublease

Y-o-Y % PT.

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

Construction Completions

Under

Number Buildings

Vacant Space

Direct

Overall

Wtd. Avg.

% Leasing

Overall Net Absorption

Inventory

Construction

Vacancy Rate

Vacancy Rate Change

Rental Rates

Change

Activity

Change

MIAMI-DADE OVERALL Airport North/Medley

1.6% 4.1% 0.7% 1.5% 2.3% 2.4% 2.7% 0.4% 0.7% 2.3% 1.6% 4.6% 1.0% 1.1% 1.4% 2.7% 3.4% 0.4% 0.7% 2.5% 8.2% 1.1% 0.0% 3.9% 2.8% 0.2% 0.0% N/A 0.7% 1.8% 0.0% 0.0% 0.2% 2.7% 4.7% 0.0% 0.0% 0.0% 0.2% 1.0% Direct Direct Direct

1.6% 4.3% 0.8% 1.6% 2.3% 2.6% 2.7% 1.0% 0.7% 2.4% 1.7% 4.8% 1.2% 1.2% 1.4% 2.9% 3.4% 1.0% 0.7% 2.6% 8.2% 1.5% 0.0% 3.9% 2.8% 0.2% 0.0% N/A 0.7% 2.0% 0.0% 0.0% 0.2% 2.7% 4.7% 0.0% 0.0% 0.0% 0.2% 1.0%

$17.69 $15.51 $17.02 $12.60 $15.97 $16.33 $12.66 $17.62 $15.60 N/A $17.75 $15.38 $16.69 $11.10 $16.00 $16.31 $12.66 $17.39 $15.46 N/A Direct Wtd. Avg.

$17.78 $15.56 $17.02 $12.93 $15.97 $16.35 $12.66 $17.09 $17.62 $15.68 $17.85 $15.44 $16.69 $11.70 $16.00 $16.33 $12.66 $17.09 $17.39 $15.56 Overall Wtd. Avg.

406 609 206 407

36,653,276 46,408,911 8,427,668 23,240,823 4,791,921 31,954,675 3,183,672 8,358,548 8,595,837

581,922

17,294 92,326 7,738 17,298

0.1 1.7 -0.8 0.8 2.3 2.0 2.7 -5.2 0.5 0.8 0.3 2.1 -1.5 0.6 1.4 2.3 3.4 -5.3 0.4 0.9 Y-o-Y % PT.

15.1% 1,626,173 -11.7% 147,768 -0.7% 2,673,241 19.4% 18,234 -19.5% 304,554 -60.6% 394,026 16.9% 508,586 55.7% 2,611 0.0% 82,092 -16.2% 0 8.0% 1,236,045 -6.4% -117,707 0.0% 79,565 -61.7% 100,062 63.2% 1,213,120 -58.6% 326,730 34.8% 121,082 -55.4% -13,731 3.8% 7,844,458 -21.6% 857,993 20.1% 1,624,573 -8.4% 159,968 -1.4% 2,480,716 24.7% -21,620 -21.1% 260,000 -63.1% 399,626 29.2% 392,632 39.2% 4,962 0.0% 72,192 -18.4% 0 7.9% 1,177,137 -8.3% -148,155 0.0% 79,565 -56.1% 100,062 63.2% 1,213,120 -58.6% 326,730 36.0% 114,682 -50.8% -10,131 3.2% 7,414,617 -21.7% 811,442 Y-o-Y YTD Y-o-Y Quarter % Leasing % Overall Net Absorption Change Activity Change

195,417 -311,374 639,847 -180,557 -111,505 -100,669 48,217

254,512 495,118 581,129

1,177,990 1,543,984

1,898,669

Airport West

56,538 350,362 111,505 777,877 84,677 34,115 56,115

Hialeah

0 0

85,376 87,268

Airport East/Downtown

Miami Lakes

416

56,608

555,642 132,894

1,717,954

North Central Dade Northeast Dade Northwest Dade

43 36

51,104

1,379,208 1,007,798 2,520,964

141

-15,958

20,000

South Dade

2,329 171,615,331

3,951,780

242,368

1,542,626 3,047,093 7,133,536

Totals

Direct Vacant Space

Sublease

YTD

Number Buildings

Vacant Space

Overall

Overall Net Absorption

Construction Completions

Under

Inventory

Vacancy Rate

Vacancy Rate Change

Rental Rates

Construction

WAREHOUSE/DISTRIBUTION Airport North/Medley

357 517 127 310

33,432,549 40,297,776 5,085,165 17,584,494 2,848,351 28,786,441 2,489,267 8,284,414 6,369,764

535,072 1,850,344

17,294 76,066 7,738 17,298

168,387 -359,682 645,447 -91,620 -40,000 -98,319 48,217

254,512 495,118 581,129

1,177,990 1,543,984

Airport West

50,938 188,475 40,000 775,527 84,677 34,115 46,484

Hialeah

0 0

85,376 87,268

Airport East/Downtown

Miami Lakes

365

56,608

555,642 132,894

1,717,954

North Central Dade Northeast Dade Northwest Dade

25 35 99

51,104

1,379,208 1,007,798 2,520,964

-7,527

20,000

South Dade

1,872 145,178,221

3,605,632

226,108

1,644,111 3,047,093 7,133,536

Totals

Direct Vacant Space

Sublease

Y-o-Y % PT.

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

Number Buildings

Vacant Space

Overall

Wtd. Avg.

% Leasing

Overall Net Absorption

Construction Completions

Under

Inventory

Vacancy Rate

Vacancy Rate Change

Rental Rates

Change

Activity

Change

Construction

OFFICE SERVICE/FLEX Airport North/Medley

$17.40 $19.27 $27.11 $17.31 $24.00 N/A

$17.40 $18.37 $27.11 $17.31 $24.00 N/A

12 70 17 18 17 6

569,873 4,220,510 220,044 724,372 1,057,833 821,343 199,724 943,519 8,757,218 0

46,850 48,325 28,251 29,505 1,350 0

4.9 0.2 0.0

-8.5% 1,600 -88.8% -12,200 -8.1% 82,166 -46.4% 1,424

-27,850 -11,622 17,199 -29,505 -1,350 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

16,260

Airport West

0.0% 0

-100.0% 0

0 0 0 0 0 0 0

Hialeah

-2.4 2.8 0.2 0.0 0.0 0.6 0.6

52.6% 42,410 185.0% 2,649

Airport East/Downtown

0.0% 9,900 3.1%

Miami Lakes

0.0% 43,528 33.0% 28,928

North Central Dade Northeast Dade Northwest Dade

N/A N/A

5 0

0 0

0.0% 0 0.0% 0

-100.0% 0

0 0

0.0%

$18.00 $19.54

$18.00 $19.25

6,800

2.9% 6,400 -83.5% -3,600 1.8% 186,004 -37.2% 17,201

-5,600 -58,728

South Dade

166

161,081

16,260

Totals

Direct Vacant Space

Sublease

Y-o-Y % PT.

Direct

Overall

Y-o-Y

YTD

Y-o-Y

Quarter

YTD

Number Buildings

Vacant Space

Overall

Wtd. Avg.

% Leasing

Overall Net Absorption

Construction Completions

Under

Inventory

Vacancy Rate

Vacancy Rate Change

Rental Rates

Change

Activity

Change

Construction

MANUFACTURING Airport North/Medley

N/A N/A

37 22 73 80 10 34 13

2,650,854 1,890,625 3,122,459 4,931,957 885,737 2,346,891 494,681 1,282,554 17,679,892 74,134

0 0

0 0 0 0 0 0 0 0 0 0

-2.1 -3.2 0.2 2.1 4.7 0.0 0.0 0.0 0.2 0.2

0.0% 0

-100.0% 0

54,880 59,930 -5,600

0.0% 110,359 14.2% 38,430 0.0% 44,554 -19.2% -5,600 27.3% 73,544 147.6% -5,000

Airport West

$19.75 $11.57 $15.00 $17.00

5,600

Hialeah

133,636 42,000

-106,136 -42,000

Airport East/Downtown

0.0% 0

0.0%

Miami Lakes

1,000

0.0% 15,380 336.9% 1,520

-1,000

North Central Dade Northeast Dade Northwest Dade

N/A N/A

0 0

0.0% 0 0.0% 0 0.0% 0

-100.0% 0

0 0

0.0% 0.0%

0 0

$19.00 $13.44

2,831

-2,831 -42,757

South Dade

291

185,067

62.3% 243,837 -1.0% 29,350

Totals

Note: Cushman & Wakefield is continuously refining its database. Due to adjustments made to the inventory, vacancy & leasing activity which affects absorption, current figures may not match what was published previously. Historical data has been adjusted to take in account these changes. This report contains information available to the public and has been relied upon by Cushman & Wakefield on the basis that it is accurate and complete. Cushman & Wakefield accepts no responsibility if this should prove not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. Copyright @ 2022 Cushman & Wakefield, Inc. All rights reserved. *Overall figures include sublease and direct space

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