Fort Lauderdale and Miami Boast the Highest Logistics Rent Growth in the Nation

Annual rent gains for logistics space in the first quarter of 2023 totaled over 19% for both Fort Lauderdale and Miami, the highest across all markets tracked by CoStar. Tight vacancy rates for logistics space of 3.8% and 1.8%, respectively, in Fort Lauderdale and Miami highlight the continued demand and lack of available supply, enabling landlords to aggressively push rents in these markets. Despite an uptick in construction activity, specifically in Miami during 2021 and 2022, industrial supply additions remain largely muted across these two South Florida markets as the area’s land supply constraints limit new development.