South Florida’s industrial market slowed down slightly in the final quarter of last year, as vacancies inched up while asking rents rose again.
The tri-county region posted a 4 percent vacancy rate compared to 3.4 percent during the same period of the previous year, according to a recent Newmark report. And leasing activity across Miami-Dade, Broward and Palm Beach dropped to 3.6 million square feet in the fourth quarter, compared to 6.3 million square feet in the preceding quarter.
At the same time, landlords again raised the average asking rent in South Florida’s industrial market. In the fourth quarter of last year, they asked for $13.16 a square foot, compared to $11.97 a square foot in the third quarter and $10.11 a square foot, year-over-year, Newmark found.